A 42,000 square-foot industrial property at 120-65 168th Street in Jamaica, Queens has been sold to Oh! Nuts Candy, which plans to use the space as a chocolate processing facility, for $2.9 million, sources told The Real Deal.
The company, which sells chocolates, nuts, and gift baskets, will use the plot for their main distribution center. Oh! Nuts, which is in the process of expanding in New York City, was interested in the property because it had available space for the chocolate facility, but is also partially occupied by the U.S. Postal Service, and so will produce income while Oh! Nuts continues to grow its business, before eventually expanding into the whole space when the post service’s lease ends in 2016.
The postal service leases 13,000 square feet of the building in a double net lease for about $12.50 per square foot, according to Bob Klein of Kalmon Dolgin, who represented both buyer and seller in the deal, with colleague Joel Kohn. He added that the seller, Baisley Property, had dealt with some unstable tenants in the past, and welcomed Oh! Nuts’ offer to purchase the building. — Guelda Voien