WATERTOWN, NY — The Lundy Group of Companies has divested one of its companies, Northern Developers, LLC, in a sale to Jake Johnson and Robert Ferris.
The sale was finalized on Dec. 31, 2020. The sale includes the entity Northern Developers, LLC, the Family Dollar stores in West Carthage and Lake Placid, as well as the Penske Building and adjacent lot in the Jefferson County Industrial Park, Watertown. Terms of the final deal were not disclosed, but the assets of the company are valued in excess of $6 Million dollars.
Michael E. Lundy, The Lundy Group of Companies, commented. “This was just a great opportunity that recently came about which is beneficial for both parties. Mr. Johnson and Mr. Ferris are successful local real estate investors who are growing their portfolio. The Family Dollar stores and Penske facility are established and successful buildings with long-term leases, and the property in the Jefferson County Corporate Park is ready for future development. The sale of Northern Developers, LLC, will allow The Lundy Group of Companies to look at even more development opportunities.”
Robert Ferris added the following comment regarding the acquisition of Northern Developers, LLC and associated properties. “I have worked with Mike before on other projects and have a great relationship. This was a wonderful opportunity that Jake and I felt was beneficial to all parties. We look forward to the prospect of what it brings.”
Northern Developers, LLC was established in the late 1990s after Mr. Lundy saw a need through his LUNCO Construction Company.
“We had prospective new customers who were looking for new facilities but didn’t want to go through the entire process of hiring an architect, a contractor and obtaining bank financing to achieve their goal. Northern Developers allowed us to offer a single-source opportunity to design, build, own and manage the building as a lease. The end result was the customer got their new facility, and we developed long term tenants and relationships.”
A few of Northern Developers projects included: Sherwin Williams in Lowville, the Franklin Place Professional Building and Franklin Place Plaza in West Carthage, and Freedom Plaza near Evans Mills. Over the years some of the individual properties have been sold.
This sale results in the entire entity and remaining assets of Northern Developers, LLC, to be owned by Mr. Johnson and Mr. Ferris.