A joint venture of two Westchester County real estate firms paid $25.15 million for the 489,000- square-foot Cambridge University Press Distribution Center in West Nyack.
RM MAG West Nyack L.L.C., which includes principals of Elmsford-based Robert Martin Company L.L.C. and MAG Real Estate Advisors Inc., acquired the building at 100 Brook Hill Drive and 36.7-acre property from Cambridge University Press.
Michael A. Grossman, principal of MAG and a former Mack Cali Realty Corp. executive, in a press release said the property was only 40 percent occupied when the purchase deal was reached, but is now 80 percent leased.
Timothy Jones, managing member of Robert Martin Co., said the 53-year-old real estate development company has “had excellent experience with industrial buildings and (we) are very bullish on Rockland County where we have owned the 1.1 million-square-foot Blue Hill Plaza for over 15 years.”
The purchase was financed by a $21.5 million mortgage from Webster Bank and by Crexus Investment Corp. Both lenders have recently completed other Robert Martin-sponsored transactions.
Cambridge University Press was represented by James Tully, executive vice president of CBRE Inc.