Sono-Tek Purchases More than 3 Acres in NY
MILTON, NY – Sono-Tek Corp. purchased the Milton Industrial Park here.
The 3.13 acre parcel of land is comprised of five buildings of office/industrial space with 50,000 ft2 of gross leasable floor area.
At the present time, the park is 74% leased. Sono-Tek currently occupies approximately 19,000 ft2.
The acquisition was financed with a cash down payment of $400,000 and the balance of $2,100,000 in seller financing to be repaid over 20 years.
The purchase was driven by business growth over the past two years, and the anticipated continuation of this growth in 2011, requiring more space for operations.
The firm had sales of $7.3 million for the nine months ending Nov. 30. Sono-Tek’s sales goal for the current fiscal year is $10 million, an increase of 38% year-over-year.
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