Westchester Real Estate Firms Acquire 492,000-Squre-Foot Cambridge University Press Distribution Center
Billy Gray Feb. 5, 2013, 7:30 a.m.
Two Westchester real estate investment firms today announced their recent acquisition of the 489,000-square-foot Cambridge University Press Distribution Center in West Nyack, New York.
In the joint venture Robert Martin Company, LLC and MAG Real Estate Advisors, Inc. bought the property, which sits on nearly 37 acres in Rockland Country, from Cambridge University Press. Robert Martin Company’s Tim Jones and Greg Berger, and MAG’s Michael Grossman were the principals. James Tully, executive vice president of CBRE, represented the tenant.
Mr. Jones noted in a prepared statement that the property, which was only 40 percent occupied when the company approached Cambridge University Press, is now 80 percent leased. When reached by phone, he declined to comment on the price of the acquisition.
“It’s a good building, and we’re glad we bought it,” Mr. Jones said. He added that the large property at 100 Brook Hill Drive will likely not be divided into smaller lots, and instead would stay with a single tenancy. Among the draws of the warehouse are 36-foot clear ceilings and 30 loading docks.