60 Loudonville Road and 750 Pierce Road
BUILT TO SUIT
Summary
Kinsley Power Systems founded in 1964, the Northeast’s leading energy solutions provider with operations in CT, NY, NJ and PA , was in need of a larger, modern facility to service the Capital Region and surrounding areas as they had outgrown their existing home of the past 15+ years. They needed to simultaneously buy their new facility and sell their former facility while maintaining operational flexibility and time to perform construction at the new location.
Client: Kinsley Power Systems
Deal Size: $2.68 Million (combined)
Current Location: Albany 8,566 SF on 0.70 acres
New Location: Clifton Park 11,900 SF on 4.95 acres
Situation
Kinsley was looking for a new Capital Region facility and had looked at several buildings, having the need for excess outdoor storage for their fleet and towable emergency power systems. Slote was able to procure an off-market deal, which led to simultaneously listing the clients’ existing facility for sale.
Strategy
Existing sites with Industrial Outdoor Storage have become the most desired industrial product recently with the length of time needed for municipal approval and subsequent construction limiting new inventory. With the time to market pushing 2+ years, this was not an option for Kinsley. The market has very limited available sites with the market’s low vacancy, so knocking on doors for off market sites or converting a leasable site to a sale was the focus.
Result
After many months of looking at the existing listings, we were able to convince the landlord to sell his property versus leasing. This led to the subsequent listing and sale of Kinsley existing facility in Albany.