10 Skyward Dr., Saratoga Springs, NY
SALE AND LEASE
Summary
100% leased Class A industrial facility located within the W.J. Grande Industrial Park in Saratoga Springs. This newer construction (2018) features ample office space across two floors with higher end finishes, as well as additional production mezzanine in the warehouse area. The site features approximately 16 acres of surplus land allowing for future expansion. Conceptual plans allow for up to 125,000 SF of space on the northern portion of the parcel. The warehouse features 30 foot eave height and 8 loading docks with hydraulic, vertical storing levelers.
Deal Size: 143,083 SF
Landlord: Green Mountain Electric Supply
Tenant: SKS Bottle and Packaging
Situation
SKS Bottle and Packaging was severely impacted by the COVID-19 pandemic and was in need of a capital infusion. SKS sought to continue their operations in the existing facility as a tenant while making a portion of the space available for another user.
Strategy
Seek out a partial owner-user to occupy a portion of the warehouse while serving as landlord to SKS.
Result
Culberson was able to secure repeat client Green Mountain Electric Supply as purchaser. Green Mountain was able to immediately utilize a portion of the building while serving as landlord for the remaining space. This allowed Green Mountain time to investigate expansion opportunities for future growth plans.