240,000 s/f multi-use building to go under the hammer.

Express Auction announced that it was selected to auction a 240,000 s/f building which includes an office building, warehouse space, and industrial and manufacturing facilities in Syracuse, N.Y.

The auction is scheduled for Oct. 27 at 3 p.m., and will be held on the property, at 1 LePage Place. The building will be open for inspection at least two hours prior to the auction or otherwise by appointment.

The property is located very close geographically to both the DestiNY USA Mall currently under construction and the Syracuse Inner Harbour Project. The location of the property is within four hours of major metropolitan areas Boston, Pittsburgh, Philadelphia, Toronto, Montreal, and New York City, making it ideally situated as a distribution center.

The facility sits on approximately 24 acres, zoned industrial, and in the town of Dewitt. It consists of 62,000 s/f of office space, and 178,000 s/f that of manufacturing, industrial and warehouse space. In addition, eight of those acres can be developed, representing the potential for another 100,000 s/f of space.

There are several tenants in the facility, including Fitzsimmons Systems, The Walker Group, Viztek Solutions, Accord Human Resources, Glauber Equipment Corp, Cardinal Distribution, among others.

"Because the building can accommodate so many types of industries, the new buyer is protected from a downturn in any one particular sector," said Oren Klein, vice president of Express Auction's Northeast Division. "'The building is capable of housing businesses such as professional service firms, manufacturers and warehousing & distribution firms all simultaneously. It's a diversified single asset." The property is owned by C.E.S. LLC, a partnership formed by two local Syracuse businessmen. The estate of one of initial partners requested the sale take place; the second partner will continue to lease space from the new owner pursuant to a market rate lease currently in effect.

"Syracuse, with DestiNY USA as a major attraction, is a city that is expected to regain its luster as a hub in upstate New York," said Klein. "The central location, available space and accessibility make this facility ideal for both manufacturing and distribution."

Express Auction will be marketing the facility aggressively to retail firms, distribution and warehouse operators, light and heavy manufacturers and local and regional real estate investors.

"By implementing a customized marketing plan for the sale of the property, we're able to attract the most interest and draw interest from all over the country and from different types of potential buyers" said Joshua Olshin, Managing Director of Express Auction, who is handling this sale together with Klein. "By setting a timeframe, we create immediate interest. This became particularly relevant as a decedent's estate is one of the beneficiaries"