JLL Capital Markets has arranged $120 million in financing for the Hampton Business District, a five-building, 50-acre, master-planned business park currently 94% occupied and featuring 385,002 square feet of Class A+ logistics space in Westhampton Beach, N.Y.
JLL worked on behalf of the borrower, Plainview, N.Y.-based Rechler Equity Partners, to secure the financing from AllianceBernstein LP. The loan will be used to retire existing debt.
Developed by Rechler Equity under a public-private partnership with Suffolk County in 2014, Hampton Business District is situated within the Francis S. Gabreski Airport in Suffolk County. The five-building hub is home to 24 tenants, including Iron Mountain, United Refrigeration Solutions and a leading e-commerce company. It is he only Class A+ industrial park servicing the region.
Located south of Exit 63 of Sunrise Highway, the property provides local and regional connectivity to Long Island and the Tri-state region.
“The Hampton Business District represents our long-term vision to bring Class A industrial space to the East End of Long Island — and this refinancing affirms the strength and stability of that vision,” said Gregg Rechler, co-managing partner of Rechler Equity Partners.
The JLL team that arranged the financing was led by Senior Managing Directors Peter Rotchford and Andrew Scandalios, Managing Director Tyler Peck and Executive Vice President Doug Omstrom.
“Lenders showed strong interest in this refinancing opportunity for the Hampton Business District,” Rotchford said. “The property’s location at the entrance to the Hamptons, serving almost 400,000 residents within 20 miles and a summer population that triples the local count, made it highly attractive.”
