Benedict Realty Acquires Westchester Medical Office Building

RYE BROOK, NY—Benedict Realty Group of Great Neck, NY has acquired the 76,000-square-foot medical office building at 90 South Ridge St. here. Knowledgeable sources put the sale price at approximately $10 million.

The deal was announced by CBRE Group, Inc. Jeffrey Dunne, Steven Bardsley and Erik Edeen of CBRE's New York Institutional Group represented VIF II/South Ridge Street, LLC a joint venture of Abbey Road Advisors LLC and AEW Capital Management, LP, in the sale of the building. The team was also responsible for procuring the buyer. Robert Watman of RDW Advisors represented Benedict Realty in the transaction.

The property is 47% leased due to the expected departure of a long-term office tenant on the upper floor, CBRE officials say, which will provide the opportunity for the new ownership to convert the entire building into medical space.

“90 South Ridge provides a unique opportunity to acquire a proven medical office location within a market that has very low availability for medical space,” CBRE's Dunne says. “The high demographic area and strategic location between two hospitals should provide BRG with significant upside through the lease-up of the well positioned vacancy.”

Daniel Benedict, president of Benedict Realty Group, says of the firm's latest acquisition, “We are pleased to purchase our second value-add medical office building in less than one year through CBRE. Both opportunities are located in strong demographic markets with robust demand for medical users. We expect to successfully lease Rye Brook to quality medical tenants in the coming quarters.”

In 2013, Benedict Realty purchased a 118,000 square foot medical office building in Garden City, NY for $16.4 million through the same CBRE sales team. Since the acquisition, the firm has successfully leased more than 40,000 square feet of space, including a deal with North Shore/LIJ Hospital.