GHP Office Realty Acquires Mixed-Use Property

SCARSDALE, NY-Increasing its Westchester County portfolio, GHP Office Realty of White Plains has acquired an office/retail complex on the bustling Central Avenue retail district here for $6 million.

The 303-313 Central Ave., property consists of a two-story retail building totaling approximately 8,000 sf and a 17,000-sf three-story office building on 3.5 acres. The complex also includes parking for 175 vehicles. The complex is currently about 90% occupied, a GHP Office Realty official says.

The deal is the third acquisition in less than a year for GHP Office Realty. In late 2005, the firm acquired 79 E. Putnam Ave., a 19,000-sf retail building in Greenwich, CT for $9.85 million, and in February of this year GHP purchased 131 Danbury Rd., a 52,000-sf office building in Wilton, CT for nearly $8.3 million.

Commenting on the deal, GHP principal Andrew Greenspan says, "303-313 Central Ave. is perfectly located on the main commercial corridor in lower Westchester. The area is an incredibly active office and retail district and this acquisition fits well into our investment strategy."

Doran Golubtchik of Goldberg, Weprin & Ustin of New York City represented GHP Office Realty in the transaction. Financing was placed by Jeanne Cronin of the New York City office of GHP affiliate Houlihan Parnes/iCap Realty Advisors. The New York office of Chicago Title provided title.

GHP Office Realty is the office building division of Houlihan Parnes, operators and purchasers of suburban, class A office space. The White Plains-based partnership owns and manages more than five million sf in 94 properties in the tri-state area. Its multi-tenanted holdings are located in Westchester, Rockland and Nassau counties in New York, Fairfield County, CT as well as in New Jersey.