NAS has assumed asset management and property management responsibility for a Class-A Manufacturing and Office facility in Skaneateles, NY.
The property was recently acquired by NAS Investment Solutions (NASIS), a national sponsor of high-quality real estate investment properties known for delivering reliable yield performance. NASIS acquired the 55,000 square-foot property along with 10 investment clients structured as a Delaware Statutory Trust (DST).
The property is 100% leased to Waygate Technologies, an investment-grade tenant and a state-of-the-art industrial inspection solutions company, specializing in non-destructive testing. The tenant is an affiliate of a publicly traded Fortune 500 Company. The Skaneateles facility employs approximately 175 professionals.
Since 2008, NAS has served 2,568 investment clients and has established an impressive track record for investment property management. The track record includes generating over $595 million in cash distributions to property investors, guiding 73 properties through the sales process and managing a commercial real estate portfolio of 177 diverse commercial properties, comprised of 24.5 million square-feet, in 30 states. The overall value of NAS’ managed properties totals over $3.325 billion.
The property was built to suit in 2007 and is situated on a 17.88-acre parcel approximately 20 miles southwest of downtown Syracuse, NY. Approximately 60% of the building is an open area for assembly operations and a distribution warehouse. The other 40% is comprised of a generally open floor plan to accommodate offices and cubicles, a cafeteria area, and an employee health club.
This is the second Class-A property in the Syracuse MSA acquired by NASIS. Recently the company purchased an industrial office, manufacturing, and warehouse property in North Syracuse adjacent to the Syracuse Hancock International Airport.