Angelo Gordon, Onyx Equities Acquire Rockland County Office Park
CBRE, which brokered the transaction, stated the deal marks the largest commercial acquisition in Rockland County since 2016.
BLAUVELT, NY—A joint venture between New Jersey-based Onyx Equities, LLC and Angelo Gordon of New York City has acquired the 1.2-million-square-foot Bradley Corporate Park here.
The complex, which consists of 16 industrial buildings on 180 acres, was reportedly sold in a bankruptcy sale. A report in the Rockland County Business Journal states the Bradley Corporate Park traded for $116.8 million. Globest.com could not confirm the details of the transaction at press time. A spokesperson for Onyx Equities offered no comment on the reported purchase price for Bradley Corporate Park when contacted by Globest.com.
CBRE, which brokered the transaction, states the deal marks the largest commercial acquisition in Rockland County since 2016.
The CBRE BoroLogistics team of Brad Cohen, Jacob Tzfanya and Jon Kamali, along with Brian Fiumara of CBRE National Partners, represented Onyx Equities, which is based in Woodbridge, NJ and Angelo Gordon in the transaction.
Onyx Equities’ chief investment officer Stephen Sullivan states, “The acquisition of Bradley Corporate Center has expanded our portfolio into the high-barrier-to -entry, infill market of Rockland County. This portfolio provides our venture stable cash flow with the ability to increase revenue through strategic renovation and lease up, as well as potential for development.”
Daniel Rudin, managing director at Angelo Gordon, adds that the transaction marks the firm’s first joint venture with Onyx Equities and “continues its approach of seeking value-add industrial opportunities.
CBRE’s Tzfanya says the new ownership plans to upgrade the existing building infrastructure and lease up current vacancies. At the time of the sale the property was 90% occupied.
“The location in Rockland County is an ideal choice for distribution companies looking for expansion opportunities,” he says.
Bradley Corporate Park is located west of White Plains and 45 minutes from Midtown Manhattan, offering convenient distribution to tri-state area markets. The park offers quick access to commercial corridor including I-287, The New York State Thruway, the Palisades Parkway and Route 303, Tzfanya notes.
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