May 16, 2006
MANSFIELD COMMERCIAL REAL ESTATE NEGOTIATES LEASE OF 182,000 SQ. FT. FOR NEXANS IN NEWBURGH, NY
Elisabeth Mansfield, President of Mansfield Commercial Real Estate, represented the tenant. James B. Tully, Senior Vice President, operating from the Saddle Brook, NJ office of CB Richard Ellis, represented the landlord.
Nexans is the worldwide leader in the cable industry, bringing an extensive range of advanced copper and optical fiber cable solutions to the infrastructure, industry and building markets. Nexans cables and cabling systems are used in every area of people’s lives, from telecommunications and energy networks, to aeronautics, aerospace, automobile, railways, building, petrochemical, and medical applications. With an industrial presence in 29 countries and commercial activities throughout the world, Nexans employs 20,000 people and had sales in 2004 of $6 billion.
The 350,000 sq. ft. warehouse distribution facility at 3 Enterprise Drive is owned and operated by Savanna Partners in joint venture with Granite Associates. Savanna Partners is a private Real Estate Investment and Development firm based in New York City that focuses on investing in and redeveloping underperforming and undervalued assets throughout the Northeast. CB Richard Ellis has exclusively represented Savanna Partners since it acquired the property from the City of Detroit’s Municipal Pension Fund in 1999. Savanna has purchased, repositioned and sold over $700 million of properties, with a current portfolio comprised of over 5 million square feet of space.
With the Nexans transaction, the property is now fully leased with FedEx Ground and FedEx Home Delivery occupying the balance of the building. The property’s strategic location at the I-84/I-87 interchange provides superior regional market access.
CB Richard Ellis, a Fortune 1000 company, is the world’s leading real estate services firm. Together with its partners and affiliates, the company serves real estate owners, investors and occupiers through more than 300 offices in over 50 countries.
Mansfield Commercial Real Estate is a full service commercial brokerage firm specializing in industrial, office, retail, build-to-suit, and land in the lower Hudson Valley, NY. For further information on the company, please visit their web site at www.MansfieldCommercial.com or contact Elisabeth Mansfield at 845-294-1000.