A four-story, 90,000-square-foot office building at 75 S. Broadway in White Plains has sold for $13.7 million.
New Jersey-based commercial real estate firm KABR Group sold the property to Zef Perlleshi, according to a press release from Ten-X Commercial, a digital real estate marketplace where the deal was transacted. Dan Lessing, principal of DSR Group in Hackensack, New Jersey, brokered the sale.
The South Broadway building is 96 percent occupied, according to Ten-X, with tenants including the state Department of Education, General Services Administration and state Worker”™s Compensation Board. KABR will retain tenancy of Westchester Business Center, a 23,000-square foot executive workspace on the building’s fourth floor.
The building is near the intersection of East Post Road and South Broadway in the city’s Central Business District. The property is across the street from the former Westchester Pavilion shopping mall, where national developer Lennar Multifamily Communities LLC, a subsidiary of Lennar Corp., plans to build a $275-million, high-rise apartment, retail and restaurant complex.
KABR Group purchased the building in 2012 and invested more than $1 million in renovations and technological upgrades, the Business Journal reported in 2014.
“The repositioning of 75 South Broadway is another example of KABR executing its value-added business plan,” said Michael Goldstein, managing director of KABR Group.
“We look forward to adding this property to our diverse portfolio and look forward to working with the KABR Group again on future deals,” Perlleshi said in a press release.
