Serota Properties has sold its long-dormant 138-acre development site in Holbrook. 

The price was not disclosed, but real estate industry sources say the property sold for $150 million. 

The buyer is Indianapolis-based Scannell Properties, a privately held real estate development and investment company that focuses on building industrial, office, and multifamily projects throughout the U.S., Canada and Europe. 

A Scannell spokesperson wouldn’t say what the company’s plans are for the Holbrook site, located on the northeast corner of Veterans Memorial Highway and Sunrise Highway, but instead issued a statement that it is “working with the Town of Islip and local community to determine specifics around the intended use for the property.” 

“Right now, we are gathering information to assist us as we prepare a plan for future development of the land,” Matt Boone, development manager at Scannell Properties, said in the statement.  

In the last few years, Scannell has been developing several distribution and warehousing facilities for e-commerce clients throughout the country. Last year, the company began building a 750,000-square-foot fulfillment and distribution center for Amazon in Lakeville, Minn., a city located about 20 miles from Minneapolis. 

Site map of Serota’s proposed Islip Pines project.

In 2008, Serota began pitching a massive mixed-use project for the site called Islip Pines, but never broke ground. The project, for which Islip granted a zoning change in 2014, was slated to have 350 residences, 1 million square feet of industrial/office space, 340,000 square feet of retail space, a hotel, multiscreen movie theater, multiple athletic fields and tennis courts, a community center, a 12.7-acre “great lawn” with an outdoor stage, and a 30,000-square-foot, open-air marketplace to hold farmers’ markets and other events. 

Over the years, the Islip Pines project survived lawsuits and opposition from community groups, but development plans remained stalled for 13 years. Serota principals could not be reached for comment.

Since its inception in 1990, Scannell Properties has completed more than 470 development projects totaling 130 million square feet and its annual development volume is estimated at $5 billion, according to the company. 

The eventual Holbrook development will be Scannell’s 18th in New York State. 





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