April 15, 2009
The Silver Group completes the Sale of a 575,500 SF Warehouse/Distribution Facility in New York

The Silver Group has completed a complex transaction involving negotiating a lease termination, loan defeasance & environmental indemnification. Barry Silver represented the owner of a significant warehouse / distribution facility leased to Ocean Logistics for 12 more years. A $24 million unsolicited offer was negotiated to $32.6 million with a $1.4 million contribution from the tenant. An additional $1.1 million was contributed by tenant and buyer toward defeasing a CMBS loan. The property was acquired by SYSCO Foods, represented by Frank Frizalone of Cushman Wakefield while Ocean Logistics was represented by Bob Gibson of CBRE.

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