NIT Industrial acquired 12614 Hempstead Hwy. in October of 2019 as a value-add opportunistic investment. The building, a 2nd generation distribution facility was purchased significantly below replacement cost from STAG Industrial REIT. The property was repositioned through CAPEX renovations with the intention to lease it to a 3rd party tenant and ultimately sell based on a stabilized CAP rate. The property was ultimately sold in September of 2020 to an owner/operator at a rate that provided equitable returns to those that would have been achieved through sale after stabilization.