NASIS has acquired a Class-A manufacturing and office facility in Skaneateles, NY. NASIS acquired the 55,000 square-foot property along with 10 investment clients structured as a Delaware Statutory Trust (DST).
The property is 100% leased to an investment-grade tenant and a state-of-the-art industrial inspection solutions company, specializing in non-destructive testing. The tenant is an affiliate of a publicly traded Fortune 500 Company.
Assuming responsibilities for asset management and property management for the newly acquired property is National Asset Services, (NAS) one of the nation’s leading commercial real estate companies. Since 2008, NAS has served 2,568 investment clients and has established an impressive track record for investment property management. The track record includes generating over $595 million in cash distributions to property investors, guiding 73 properties through the sales process and managing a commercial real estate portfolio of 177 diverse commercial properties, comprised of 24.5 million square-feet, in 30 states. The overall value of NAS’ managed properties totals over $3.325 billion.
“We were excited to offer such a unique investment opportunity to our clients. Projected above market yields, our team’s reputation for solid underwriting and exhaustive due diligence, created intense demand for this property investment,” commented Karen E. Kennedy, President and Founder of NAS Investment Solutions and National Asset Services. “Investors are actively seeking quality real estate investments offered by a highly credible sponsor, such as NASIS, as a viable investment alternative that performs independently of stock market fluctuations.”
The property was built to suit in 2007 and is situated on a 17.88-acre parcel approximately 20 miles southwest of downtown Syracuse, NY. Approximately 60% of the building is an open area for assembly operations and a distribution warehouse. The other 40% is comprised of a generally open floor plan to accommodate offices and cubicles, a cafeteria area, and an employee health club.
This is the second Class-A property in the Syracuse MSA acquired by NASIS. Recently the company purchased an industrial office, manufacturing, and warehouse property in North Syracuse adjacent to the Syracuse Hancock International Airport.