NEW YORK, Apr. 12, 2024 - JLL Capital Markets announced today it has been retained by locally based Gyrodyne, LLC, to sell Flowerfield, a 60-acre redevelopment site in the hamlet of St. James in Suffolk County, Long Island, New York.

Situated at the intersection of Mills Pond Road and Flowerfield Drive, the site is currently configured with four single-story, multi-tenanted industrial buildings with a total building area of 134,893 square feet that is 84 percent occupied.

The site, adjacent to Stony Brook University Hospital, is fully approved for the development of a 125,000-square-foot medical office building, 250-bed assisted living facility and 125-key hotel with associated infrastructure improvements and landscaping.

A JLL Capital Markets team led by Senior Managing Director Jose Cruz, Director Ryan Robertson and Vice Chairman David Leviton is handling the assignment.

"This is a rare investment opportunity for an ideally located property that allows for the collection of in-place income from four industrial buildings with the potential for significant additional development with entitlements already in place," said Leviton. "We anticipate broad-based interest in this site from investors who recognize the opportunity for strategically located development in one of the densest population centers in the nation."

Smithtown-based Gyrodyne, LLC, which owns and manages a diversified portfolio of real estate properties, has guided the plan through municipal approvals since 2022.

Peter Pitsiokos, the company's EVP, COO, CCO & Corporate Secretary, commented, "As demand for best-in-class community-based healthcare continues unabated, the Flowerfield site is ideally situated close to major transportation arteries and the Long Island Railroad, offering seamless connectivity to New York City and beyond. We selected JLL based on the power of its platform and its ability to maximize the return on this highly desirable parcel."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Inc. published this content on 12 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2024 16:23:09 UTC.