According to CBRE Group, Inc., Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE Institutional Properties combined with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE's National Partners as well as with James Tully of CBRE's Saddle Brook office, represented the Robert Martin Company, LLC and MAG Real Estate Advisors, Inc. in the sale of 100 Brook Hill Dr. for $36 million. The team was also responsible for procuring the buyer, Diamond Properties, who will use part of the proceeds from the $46.8 million sale of Bedford Green in Bedford Hills to satisfy their 1031 exchange needs. The Bedford Green sale was also handled by CBRE and closed in July.
The property is a 490,795 s/f industrial building that was repositioned by Robert Martin and MAG Real Estate Advisors into a multi-tenant distribution warehouse in 2013. Previously 100 Brook Hill was occupied by Cambridge University Press, which utilized the space for their U.S. headquarters and distribution. The building is fully air-conditioned and features 24' - 26' clear height and 6,200 amps of electric service within a natural campus setting. The property is located off Rte. 59 and 1.5 miles from the intersection of I-87, I-287 and The Palisades Pkwy.
Dunne said, "Diamond's 1031 Exchange into 100 Brook Hill Dr. provides an exceptional investment into a very stable, cash flowing investment in one of the premier industrial markets in the Northeast. I expect Diamond will do very well with this investment both in the short and long term."
100 Brook Hill is 100% net leased to three financially strong tenants with an average lease term of 8 years delivering stable long-term cash flow. The property is anchored by PDI which is a subsidiary of Nice Pak Products.
a global leader in the design, manufacture, marketing and distribution of premium quality branded and private label wet wipe products. Additionally, the Property's balanced rollover schedule with contractual rent bumps offer predictable yield growth. Tags: