NEWBURGH, NY-CB Richard Ellis reports that the 350,000 sf warehouse and distribution facility at 3 Enterprise Dr. at the Stewart Industrial Park grounds has been sold by GRS Enterprise Corp. to Savanna Partners of New York City. No purchase price was disclosed.

The deal involved the sale of the building, which is fully occupied by Amscan Co., a wholesale paper and party goods distribution firm, headquaterted in Elmsford in Westchester County. The transaction also included the acquisition of 21 acres that surrounds the site.

CB Richard Ellis represented both buyer and seller in the transaction. The brokerage firm and the seller developed a list of potential buyers of the property and then solicited offers.

“This sale took place in a time frame that exceeded the expectations of ownership,” an executive with CB Richard Ellis says. “Savanna Partners looked like the strongest possible buyer because they were looking to add this property to a portfolio that included other large acquisitions in the region.”

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