Cushman & Wakefield / Pyramid Brokerage Company Brokers Sale of Avery Dennison’s 60,400SF facility in Orangeburg, NY
Date Posted: April 3, 2019
FEBRUARY 2019: An affiliate of the Fortune 500 global manufacturer/distributor, Avery Dennison Corporation, closed on the sale of 524 Route 303 in Orangeburg, New York to Guardian Booth LLC. The Cushman & Wakefield / Pyramid Brokerage Company team of Robert W. Scherreik and James DeSimone represented the seller in its disposition of this 60,400 sq. ft. Rockland County manufacturing and office building on 11.8 acres. According to broker Scherreik, “The property was well received in the marketplace. There was an astonishing level of interest, with 12 legitimate purchase proposals coming from a variety of users and investors, resulting in a price of $5,750,000 or over $95 per square foot.” The purchaser, Guardian Booth LLC, is a manufacturer already based in Rockland County that reportedly plans to use part of the building to accommodate its own expansion, and to lease out the remainder.
Scherreik & DeSimone, both with Pyramid’s Hudson Valley office located in Newburgh, NY, worked in tandem with Cushman & Wakefield’s California office that assists Avery Dennison Corporation with its real estate needs on a global basis.