WEST NYACK, NY-A joint venture of Robert Martin Co. LLC and MAG Real Estate Advisors Inc. has acquired the 489,000 square foot Cambridge University Press Distribution Center here. The sale price was not disclosed; Rockland County property records show the JV, RM MAG West Nyack LLC, paid $25.1 million to purchase the building, located at 100 Brook Hill Dr. in West Nyack, from Cambridge University Press in a deal that closed on Dec. 31, 2012. Both Robert Martin and MAG are based in Westchester County.
“We have had excellent experience with industrial buildings and are very bullish on Rockland County, where we have owned the 1.1-million-square-foot Blue Hill Plaza for over 15 years,” Tim Jones, managing member of Robert Martin, says in a release. Adds MAG principal Michael Grossman, “Although the property was only 40% occupied when we reached an agreement with Cambridge University Press, we were confident that it would lease well because of its efficient design and excellent location. It is now 80% leased.”
The property features 26-foot-clear ceilings, sits on 36.7 acres, is fully air conditioned and includes 30 loading docks. Webster Bank and Crexus, both of whom have recently completed other deals for the two buyers, financed the deal. Cambridge University Press was represented by James Tully, EVP at CBRE Inc.
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