HFF Closes $487.5M Sale of a 56-Building Light Industrial Portfolio in Westchester and Fairfield Counties

Apr 11, 2019 04:17 pm
FLORHAM PARK, N.J. -- 

Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $487.5 million sale of a 56-building light industrial portfolio totaling more than 3.1 million square feet in Westchester County, New York, and Fairfield County, Connecticut. This transaction represents the largest suburban NYC Metro portfolio sale in more than 15 years.

HFF marketed the property on behalf of the seller, Mack-Cali Realty Corporation. A joint venture partnership managed by Westchester-based Robert Martin Company purchased the portfolio.

The portfolio comprises three light industrial parks in Westchester County - Cross Westchester Executive Park (CWEP), Mid-Westchester Executive Park (MWEP) and South Westchester Executive Park (SWEP), along with Stamford Executive Park (SEP) in Connecticut. Each of the properties is positioned in the New York metro area with convenient access to the markets’ major roadways, including Interstates 287 and 95, and the Saw Mill and Sprain Brook Parkways. The portfolio caters to all tenancy in the market with 32 buildings smaller than 50,000 square feet and six buildings larger than 100,000 square feet.

The HFF investment advisory team representing the seller included Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver.

“Industrial continues to be one of the hottest sectors in the real estate capital markets today, this particular portfolio was very interesting to several groups given the size, location and potential upside,” stated Cruz.

About Mack-Cali Realty Corporation

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at mack-cali.com.

About Robert Martin Company, LLC

Headquartered in Elmsford, New York, Robert Martin Company, LLC has been a leader in real estate investment, development and management for over 60 years. Over the course of its distinguished history, RMC and its affiliates have developed and acquired over 20 million square feet of real estate across virtually every asset class.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

JOSE CRUZ
HFF Senior Managing Director
(973) 549-2000
jcruz@hfflp.com

ANDREW SCANDALIOS
NY Lic. #10331200140
HFF Senior Managing Director
(212) 245-2425
ascandalios@hfflp.com

JAMES KOURY
CT Lic. #0755412
HFF Senior Managing Director
(617) 338-0990
jkoury@hfflp.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com