Faros Props. and Caspi Development joint venture acquires 145,000 s/f office property; Financing arranged by Weinberg and Adler of Meridian

The commercial real estate investment firms of Faros Properties, LLC and Caspi Development, LLC recently revealed their joint acquisition of the 1950s Art Deco former Nestle headquarters at 120 Bloomingdale Rd. The 6-acre property and its four-story, 145,000 s/f office building sold for $10.5 million. The building will undergo renovations to the interior, exterior, courtyard, and roof that are targeted for completion by fall 2013. The property, previously appraised at $33 million, was acquired from a special servicer of commercial mortgage-backed securities (CMBS) after the previous owner defaulted on its CMBS loan. Carl Austin of Austin Corporate Properties represented Faros and Caspi. The seller, C-III Realty Services, was represented by Joseph Garibaldi, IV, of Jones Lang LaSalle. Jeff Weinberg and Jack Adler of Meridian Capital Group arranged financing through New York Community Bank. "The acquisition of 120 Bloomingdale Rd. adds an attractive asset to our growing portfolio of office properties in the Westchester/Fairfield County market," said Alexander Leventhal, managing partner at Faros. "This transaction represents our collective current focus on acquisitions and speaks to the strength of our platform." Faros and Caspi have hired Gallin Beeler Design Studio in Tarrytown to design a new facade for the building, and also plan to renovate its parking lot and interior areas. Among the building's features are flexible floor plans, a private roof deck, on-site property management and concierge, 24/7 building access, and a private 100-car parking deck. It is located across from Bloomingdales, one block from the Westchester shopping mall, and within access of highways and public transportation. Current tenants include the New York State Department of Labor, Nationwide Insurance, Byram Healthcare, Oxman Tulis Kirkpatrick Whyatt & Geiger L.L.P., and Keller Williams Realty White Plains. "The property offers significant cost savings to prospective tenants," said Joshua Caspi, principal, Caspi Development. "For example, a 5,000 s/f tenant could easily save around $50,000 annually by relocating from pricier downtown White Plains to our park-like setting." Caspi adds that a planned complementary shuttle bus will enable building tenants to access train transportation and enjoy shops and dining downtown. "Our planned improvements and repositioning of this property increase its appeal in today's competitive leasing environment," said Jeremy Leventhal, managing partner, Faros Properties. "We look forward to welcoming new tenants and retaining our excellent existing tenant base at 120 Bloomingdale Rd." Faros Properties, LLC is a New York-based real estate investment firm. The company currently owns and operates three commercial assets in Westchester County, NY and Fairfield County, Conn., located at 555 Theodore Fremd Ave. in Rye, 120 Bloomingdale Rd., and Holly Pond Plaza in Stamford, Conn. Faros and its predecessor companies trace their roots to The Beacon Companies founded by Norman Leventhal and his brother in 1945. It has been active for more than six decades in the construction, development, acquisition, management, and financing of real estate internationally. Well-known developments in Boston (location of the family headquarters) include the Meridien Hotel, One Post Office Square, The Boston Harbor Hotel, Rowes Wharf, Center Plaza, South Station, and 75 State Street, among others. Caspi Development has been a leader in ownership, management and development of residential and commercial real estate for more than 40 years. Based in Purchase, N.Y., the company is known for being extremely diversified, acting on market conditions to capitalize on opportunities. Over the last two years, the company has acquired through joint ventures 1,000 apartments in the city by converting distressed debt into stabilized real estate owned. Notable Caspi Development projects include the 600-room Holiday Inn located in Midtown Manhattan on 57th St.; the Chambers Hotel, a 80-room hotel off Fifth Ave. and 56th St., the Stamford Marriott Hotel in Stamford, Conn.; the Classic in Stamford and Hartsdale, NY; 235-245 Main St., a 158,000 s/f office property; and The Sanborn Map Building, a 75,000 s/f office property in Pelham, N.Y.