Robert Martin Co. recapitalizes 45-property portfolio with Dune Real Estate Partners: $455 million

Elmsford, NY Robert Martin Co. has completed the recapitalization of its Westchester Industrial Portfolio, a 45-property, infill, industrial portfolio totaling 2.6 million s/f across three parks and located across Westchester County.

As part of the recapitalization, Robert Martin entered into a new joint venture with affiliates of Dune Real Estate Partners LP (Dune) to own and operate the portfolio.

The Westchester Industrial Portfolio is situated in infill locations within the New York metropolitan area. The properties benefit from significant barriers to entry, limited new supply and unparalleled access to major New York transportation infrastructure, including Interstates 287 and 87.

“This portfolio has continuously outperformed throughout multiple economic cycles,” said Timothy Jones, CEO of Robert Martin. “We continue to have strong conviction in this portfolio as well as the underlying fundamentals of this market. We’re excited to continue Robert Martin’s ownership of and commitment to this portfolio and the Westchester County market.”

“We are excited about our joint venture with Robert Martin, a partner with a strong track record within Westchester’s industrial market,” said Daniel Neidich, CEO of Dune. “The Westchester Portfolio is well positioned to capture strong tenant and investor demand for industrial assets in irreplaceable locations within the supply-constrained New York metroplex.”

JLL arranged the equity recapitalization between Robert Martin and Dune, and also procured the $455 million, floating-rate, non-recourse loan with Bank of America. The JLL team was led by Mike Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford and Tyler Peck.