Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
Long Island’s largest newspaper, Newsday, has renewed its lease on a 38,600-square-foot warehouse and distribution space at 360 Smith Street in Farmingdale, Long Island Business News reported. The newspaper has leased the space for the past two decades and asking rent for the property was $12.50 per square foot, according to GlobeSt. The property’s landlord, Syosset-based Milvado Property Group, represented itself in the renewal, while Avison Young’s Frank Pagano took the lead for Newsday. “Newsday is an amazing tenant. Its company is crucial for news delivery throughout Long Island and we are pleased to be able to accommodate their residency for the future,” said a statement from Milvado regional director David Hercman. The renewal comes as Newsday prepares to leave its current 530,000-square-foot headquarters at 235 Pinelawn Road in Melville and move to a more modest 120,000-square-foot space nearby at 2 Corporate Center Drive. The property at 235 Pinelawn Road, which spans 48.5 acres, was owned by the Tribune Media Company until it was sold late last year to New Jersey-based Hartz Mountain Industries for $54.5 million. [LIBN]
