As if to underscore what CEO Tim Jones told the Business Journal in a July 21 interview, Robert Martin Co. announced that it has sold one of its properties, a five-story office building in Tarrytown, for $8.85 million. The buyer was not identified.
In that interview, Jones told the Business Journal; “We”™re always in the market looking for opportunities of a certain type but we”™re also willing to be sellers at the right time.
“We have some sales transactions that we”™re working on right now that are refining the portfolio to what we view as the best long-term investment portfolio for us,” he added, “which is more focused on residential and industrial and less on office although we have a fair amount of office in our flex parks too and that type of office space we see continued demand for.”
Robert Martin is one of the largest real estate management and development firms in Westchester. It has buildings in its portfolio comprising about 6 million square feet of space and also has about 200 acres of developable land.
The Tarrytown building at 555 White Plains Road is situated on 4.2 acres of land and was previously occupied by Tappan Zee Constructors LLC during the construction of the Mario M. Cuomo Bridge.
The building, which was built in 1971, has been vacant since August 2020. Robert Martin acquired the property in May 2017 for $5.48 million.
“This asset sale is in keeping with our strategy of shifting capital to invest in areas of high growth potential such as industrial/warehouse properties and multi-family residential development,” Jones said today.
Robert Martin was represented in the transaction by commercial real estate firm RM Friedland.
