Stamford, CT Holliday Fenoglio Fowler, L.P. (HFF) closed the $487.5 million sale of a 56-building light industrial portfolio totaling more than 3.1 million s/f in Westchester County, N.Y., and Fairfield County, Conn. This transaction represents the largest suburban NYC Metro portfolio sale in more than 15 years.
HFF marketed the property on behalf of the seller, Mack-Cali Realty Corp. A joint venture partnership managed by Westchester-based Robert Martin Co. purchased the portfolio.
The portfolio comprises three light industrial parks in Westchester County: Cross Westchester Executive Park (CWEP); Mid-Westchester Executive Park (MWEP); and South Westchester Executive Park (SWEP). Also sold was Stamford Executive Park (SEP). Each of the properties is positioned in the New York metro area with access to the markets’ major roadways, including I-287 and 95, and the Saw Mill and Sprain Brook Pkwys. The portfolio caters to all tenancy in the market with 32 buildings smaller than 50,000 s/f and six buildings larger than 100,000 s/f.
The HFF investment advisory team representing the seller included Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver.
“Industrial continues to be one of the hottest sectors in the real estate capital markets today, this particular portfolio was very interesting to several groups given the size, location and potential upside,” said Cruz.