The deal was announced by Chase Commercial/TCN Worldwide, which represented the seller--JER Partners, an affiliate of J.E. Robert Cos. The 90,000 sf building, located just off Route 9A, is fully leased.
Cory Gubner, president of Chase Commercial/TCN Worldwide, notes that, "The sale of this asset was the culmination of an extensive marketing program by the team of investment sales specialists at Chase Commercial. This sale also reflects the continued strength in the investment marketplace throughout Westchester County."
He says that the seller had originally acquired the property as part of a portfolio purchase from Lehman Brothers.
"After extensive building work, including both structural and mechanical upgrades, as well as numerous cosmetic improvements, JER Partners was able to lease the building in its entirety, thus realizing its full sale potential in the marketplace," he says.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
