14 Hoefler Avenue, Ilion, NY
BUILT TO SUIT
Summary
The former Remington Arms facility located in Ilion, NY, for over 200 years (built in 1828) has been sold to Turin Management LLC, a women-owned development company. The 32-acre, 1.1 million square-foot site at 14 Hoefler Ave. was purchased by Turin Management after Remington Arms closed the facility in March. There are no definitive plans for the site yet, and various options are being evaluated.
Deal Size: 1,100,000 SF
Seller: Round Hill Group/RemArms LLC
Purchaser: Turin Management
Situation
RemArms LLC built a new modern Facility in LaGrange, Georgia and shuttered their NY facility after 200 years, leaving a 5 story sprawling manufacturing facility of over 1 million SF.
Strategy
Tackle all possible avenues of adaptive reuse from residential conversion to smaller multiple manufacturers to destination sports and athletics center along with hospitality and hotel use. The building and the site posed major challenges due to the immense size and outdated onsite steam and utilities systems.
Result
Ultimately, Slote found a group that has a proven track record with their partners for tackling large projects and coming up with adaptive uses for outdated facilities and sites which led to the successful closing of this challenging transaction.