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Massachusetts-based firm, NorthBridge Partners, has acquired two adjacent industrial properties on Long Island's Bay Shore for $105.7 million. The purchase price breaks down to approximately $189 per square foot, with the combined properties totaling 560,000 square feet. This is a premium over the $94.5 million Rockefeller Group paid in 2021 to acquire the same properties from Rubie's Costume Company.

    The two properties, located at 145 and 158 Candlewood Road, have some differences. The property at 145 Candlewood has more features, including triple the amount of parking spaces, and is currently vacant with capital improvements underway. Leasing for up to four tenants is expected to begin in January. In contrast, the property at 158 Candlewood is fully occupied by packaging company Lindenmeyr Munroe and sheet metal accessory manufacturer Duro Dyne Corporation.

    NorthBridge has upwards of $3 billion in commercial real estate assets under management and this is its second acquisition on Long Island. The firm also owns a separate industrial building in Bay Shore, which it purchased for $6.9 million in 2021. Recently, Bahrain-based Investcorp acquired a five-property industrial portfolio in Suffolk County for $95.8 million, with two of those properties located in Bay Shore.

    The Long Island industrial market has seen significant activity, with asking rents reaching a 10-year high of $17.11 per square foot in the second quarter, according to Colliers. However, there was also 369,000 square feet of negative net absorption during this period.