Principals of two Westchester real estate companies have closed on their third joint-venture commercial property purchase in the last 18 months.
RM MAG Westmore L.L.C. paid $800,000 to acquire a vacant six-story, 50,000-square-foot office/flex building at 121 Westmoreland Ave. The new owner is a partnership of principals of Robert Martin Co. L.L.C. in Elmsford and MAG Real Estate Advisors Inc. in Chappaqua.
Jeremy Frank, director of acquisitions at Robert Martin Co., in a press release said the owners are considering “a wide variety of adaptive reuses” for the property, which is about a half-mile from the White Plains Metro-North Railroad station.
Michael Grossman, principal of MAG Real Estate Advisors, noted the building features loft-type space with high ceilings, efficient floor plates and loading accessibility that, combined with its location, “make it appealing for a variety of uses, including office, showroom, studio, storage and multifamily.”
