Robert Martin Co. has sold two of the buildings in its South Westchester Executive Park in Yonkers for $36.6 million, while not revealing in an announcement as to whom the buildings were sold.
A search of land records filed with the Westchester County Clerk’s Office did not show new deed filings for the properties as of this morning. The South Westchester Executive Park was developed on 140 acres that is just west of the Saw Mill River Parkway at the Executive Boulevard exit and east of North Broadway and the Hudson River.
The buildings involved in the sale that was announced today are 3 Executive Blvd., which includes more than 59,542 square feet and 3 Odell Plaza, which has more than 71,000 square feet. Robert Martin said that the total selling price sets a new record for suburban Westchester County office sales at $280 per square foot.
Robert Martin said that both properties are leased through 2032 to Montefiore Medical Center, a wholly owned subsidiary of Montefiore Health System.
Robert Martin continues to own and operate nine buildings in the office park totaling 650,000 square feet of primarily flex/industrial space. The office park was originally designed to include more than 1 million square feet of new buildings. The engineering and environmental consulting company Langan, which was involved in the planning and development of the office park, had said there were physical constraints, including numerous and erratic rock outcrops, extensive deposits of soft compressible soils in lowland areas and high groundwater tables in certain portions of the property.
Tim Jones, CEO of Robert Martin, said, “These are two, strong assets leased by one of the region’s leading healthcare providers. But by selling the buildings at a premium, we are providing a greater financial return for the firm as we look towards strengthening our investments in high-growth sectors in the Westchester market such as flex/industrial space and multifamily residential rentals.”
Greg Berger, the company”™s president, also indicated the company will not be averse to making additional changes in its portfolio.
“We are not the company we were nearly 65 years ago. Real estate development and management today is far more demanding and complex,” Berger said. “The tenants”™ needs are changing with the times, and we remain uniquely positioned with our portfolio and strong personnel to accommodate their requirements and additional demand. We value our core competencies that successfully got us this far and will continue pursuing those strategic opportunities that will propel us into the future.”
Robert Martin’s announcement said that the properties that were sold were marketed by CBRE”™s Capital Markets and Institutional Properties Group of Stamford represented by Vice Chairman Jeffrey Dunne, Senior Vice Presidents Steven Bardsley and David Gavin, and Vice President Stuart Mackenzie.
