WEST NYACK, NY—The 100 Brook Hill Drive industrial building here, which was formerly the headquarters of Cambridge University Press, has been sold in a $36-milion deal to Diamond Properties of Mount Kisco, NY in a 1031 exchange transaction.

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, NJ office, in representing the Robert Martin Company, LLC and MAG Real Estate Advisors, Inc. in the sale of the West Nyack property.

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, NY to satisfy its1031 exchange needs, according to CBRE. The Bedford Green sale was also handled by CBRE and closed in July 2014.

The property is a 490,795-square-foot 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 its U.S. headquarters and distribution operations. The building is fully air-conditioned and features 24' – 26' clear height and 6,200 amps of electric service within a natural campus setting.

100 Brook Hill is 100% net leased to three financially strong tenants with an average lease term of approximately eight years delivering stable long-term cash flow, CBRE states. The property is anchored by PDI, a subsidiary of Nice Pak Products, a designer, manufacturer, marketer and distributior of branded and private label wet wipe products.

“Diamond's 1031 Exchange into 100 Brook Hill Drive 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,” CBRE's Dunne says.