SALINA — A new tenant at the Lyndale Commercial Park puts the facility, once home to Syracuse China, at just over 90 percent capacity, but there is still plenty of room for further development on the 55-acre parcel. River Valley Paper Company — a manager, processor, and exporter of waste paper headquartered in Akron, Ohio […]
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SALINA — A new tenant at the Lyndale Commercial Park puts the facility, once home to Syracuse China, at just over 90 percent capacity, but there is still plenty of room for further development on the 55-acre parcel.
River Valley Paper Company — a manager, processor, and exporter of waste paper headquartered in Akron, Ohio — is the newest tenant at the park, located at 2801 Court St. in the town of Salina. The company leased 104,000 square feet of warehouse space in June. Cushman Wakefield/Pyramid Brokerage Company in Syracuse brokered the deal for landlord Amparit Industries, LLC. Terms of the lease were not disclosed.
The arrival of River Valley means that about 23,000 square feet of free space remains in the 208,000-square-foot facility, says Paul Mackey, senior executive advisor at Pyramid and one of the brokers on the deal. Gary Cottet was the other broker.
The facility was once the home of Syracuse China. Libby Inc. took over the company around 2000 and tried to keep the company going for several years before finally shuttering the plant around 2008, Mackey says. While Libby had made some effort to modernize the facility, after two years of trying to sell the facility outright without luck, Mackey says it was time for a different approach. What they needed, he says, was a buyer who could demolish the older portions of the factory and create a fresh start for the site.
That’s where Amparit came into play. The company — which includes partners Ronald Amati, Michael Ritter, and Frank Paratore — bought the site in 2011. Ritter and Paratore are the president and vice president, respectively, of Ritter & Paratore Contracting, Inc. in Utica.
Soon after acquiring the site, the new owners demolished more than 400,000 acres of World War I-era buildings, leaving just over 200,000 square feet of structure built in the late 1960s still standing.
That space has since been divided among several tenants, with River Valley as the largest tenant with 104,000 square feet. Crystal Rock, a water and office-supply distributor, leases about 18,000 square feet. DSI Distributing, Inc., an electronics-supply distributor, has nearly 47,000 square feet under lease, but is not using the space following an acquisition that came with a non-compete clause in the Syracuse market, Mackey says. That space is available for sublet, and Mackey expects the prime space to be snatched up quickly.
Right now, Pyramid is focusing its marketing efforts on the 23,000 square feet of free space at the site, which is zoned for all industrial uses.
“The focus for that space is light manufacturing or warehouse needs,” he says. “It’s a good space for distribution.”
Lyndale has had success landing tenants for several reasons, Mackey says. “There is quite a bit of space available in Central New York, but there is not as much functional space,” he says. Lyndale provides clean, usable space, and the owners offer a good solid lease that isn’t cumbersome. Pyramid’s website lists the lease rate at $2.10 per square foot.
On top of some prime space ready to lease, the site also offers potential for future development, Mackey says. There is a 10-acre concrete pad already in place where the old buildings were demolished. It would be relatively easy to build out on that pad, he says, and create more space for lease. Space is also available to develop in other areas of the site, which includes rail sidings for tenants who need rail access.
“Quite a few scenarios have been floated,” Mackey says. However, the owners are not ready to build first and hope to find tenants afterward. He says they are taking their time and weighing the market before making any moves.
In the meantime, Mackey says, they are busy trying to lease out the remaining space. The facility features 20-foot ceilings, six truck-height docks, and T-5 lighting with automatic sensors.
More information about the property is available online at www.pyramidbrokerage.com/properties/listings/details/Y12333/2801-court-street-syracuse-ny-lyndale-commercial-park.
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