A Mount Kisco property management and repositioning firm bought the former Cambridge University Press warehouse in West Nyack for $36 million, according to CBRE Group Inc., which brokered the deal.
The building at 100 Brook Hill Drive, off Route 59, includes 490,795 square feet of industrial space. It was sold by Robert Martin Co. LLC and MAG Real Estate Advisors Inc. after the company repositioned the building as a multitenant distribution warehouse in 2013. Three tenants currently lease the entire space.
The buyer was Diamond Properties, which was procured by CBRE after the two had worked together in the $48.6 million sale by Diamond of Bedford Green in Bedford Hills. According to CBRE, part of the proceeds from that sale will be used to satisfy Diamond”™s 1031 exchange, a part of the Internal Revenue Service code that allows companies to defer capital gains taxes by reinvesting money from the sale of one property into a new property.
