Simone Development acquires two LI industrial properties

Real Estate Weekly, August 14, 2002

In its second major acquisition on Long Island in less than a month, Simone Development Companies, a full service real estate company, has announced the acquisition of two industrial properties in Westbury and Melville totaling 101,000 SF.

In Westbury, Simone acquired from Collexis Realty Co., Inc. a 45,000-SF vacant industrial building at 1200 Shames Drive. Simone plans to renovate the building and is already in discussions with possible tenants, according to Steve Woods, Director of Leasing of Simone Development.

Simone also acquired a 56,000-SF industrial building at 40 Melville Park Drive in Melville. The building, which was previously owned by I. W. Industries Inc., is fully occupied.

The purchase price for the two properties was not disclosed.

Last month, Simone acquired a portfolio of six industrial properties in Hicksville and Lindenhurst totaling 173,000 SF of space. The properties were purchased from First Industrial Realty Trust, Inc., a Chicago-based real estate investment trust.

And earlier this year, Simone also acquired from First Industrial Realty Trust a seven-building industrial park totaling 156,000 SF of space. Simone's portfolio of industrial and retail buildings on Long Island now totals 795,000 SF of space in 26 buildings.