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STAMFORD-The recently formed real estate investment fund RiverOak Investment Corp., headquartered here, has spent $4.8 million to acquire an award-winning property that was converted some years back from a school into an office building. The 45,285-sf property at 200 Central Park Ave. in Hartsdale, NY includes the building and four acres of land, which was purchased by RiverOak in partnership with Allegiance Capital Partners of New York City.

The three-story office building was built in 1938 as the Webb school, and converted for office use in 1986 with a $4-million renovation. The property won the “Historical Building of the Year” award of the Building Owners and Managers Association in 1987.

Allegiance Capital Partners of New York City will be handling day-to-day responsibilities at the property. Newmark and Co. Real Estate has been retained as the exclusive leasing agent.

“We hope to fill a void in the market for equity capital participation in acquisitions of $15 million and less, and put our capital to work with partners who are strong real estate professionals in their own right,” says George Yerrall, managing director of RiverOak Investment.

RiverOak Investment Corp., which was formed in 1999, is currently in negotiations to acquire a 109,000-sf office/flex space development in Wall Township in New Jersey and a self-storage site in Bergen County, NJ, DeNardo says.

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