A joint venture of principals of Robert Martin Company, LLC and MAG Real Estate Advisors, Inc. purchased a 32,000 square foot multi-tenant flex building located in Chestnut Ridge, New York.
RM MAG Chestnut, LLC announced today that it acquired the fully-leased building, located at 70 Red Schoolhouse Road, from PII Chestnut Ridge Realty, LLC. The approximately 2 acre site is conveniently located within a half-mile of the intersection of I-87/I-287 and the Garden State Parkway and the property features multiple drive-ins and loading docks and ample parking. Building tenants include Clemente’s Baseball and Softball Academy, Jade International Trading Co., and H&W Door & Hardware.
Michael Grossman, principal of MAG, stated, “we saw an opportunity to create value with this well-located property especially given its loading capabilities and ceiling heights, which range from 12’ to 30’ clear. The property easily accommodates a wide range of tenant uses as evidenced by the current occupancy which includes office, distribution, and an indoor sports academy. We are currently planning a series of building upgrades to further enhance the property’s utility and create value”.
Greg Berger, Managing Director and Partner of Robert Martin Company, said of the purchase, “We are very experienced in managing industrial assets and are excited to add another property in Rockland County to our portfolio. With this acquisition we and our partners now own approximately 1.7 million square feet in Rockland County, and we will continue to target industrial acquisitions throughout New York, New Jersey and Connecticut.”
Kenneth Lundberg of NAI James E. Hanson represented the seller and Jeff Kolodkin of Newmark, Grubb, Knight, Frank represented the purchaser.
Robert Martin Company has been a leader in real estate investment, development, and management for over 55 years and has developed and acquired over 20 million square feet of real estate across virtually every asset class. Today, RMC and its prestigious partners hold a portfolio that includes millions of square feet of office, retail, industrial, and residential properties. The Company also has significant holdings of prime undeveloped land, ensuring its continued success in the development and management of commercial properties in the New York Metropolitan region.
MAG Real Estate Advisors, Inc. is a real estate investment and advisory firm headed by Michael Grossman, a real estate executive with more than 28 years experience in commercial real estate management, leasing, marketing, investment, development and construction. MAG Real Estate Advisors currently owns and manages over a half million square feet of industrial and office/flex properties in the New York Tri-State area.