BRG and HGI Acquire Yonkers Office Property
Affiliates of Benedict Realty Group (“BRG”), in a joint venture with Harbor Group International, LLC (“HGI”), today announced the acquisition of a single-tenant office property in Yonkers, New York for $37 million.
The CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller, an entity managed by Robert Martin Company.
The property includes two office buildings totaling 130,607 square feet and is located at 3 Executive Boulevard and 3 Odell Plaza. Both assets are leased on a long-term basis to Montefiore Medical Center (“Montefiore”), a wholly owned subsidiary of Montefiore Health System, one of the largest health care systems in the greater New York City area. The buildings contain operational support and IT functions for Montefiore and are strategically located with easy access to its hospitals.
Daniel Benedict, BRG’s founder and President, noted: “We are excited to expand our tenant base of major Northeast hospital systems to include Montefiore Hospital. We are equally excited to joint venture with the expert and talented team at HGI. We thank the CBRE team for their professionalism and guidance throughout this process.”
“With the purchase of these properties, HGI is acquiring two high-quality office assets occupied by a long-term tenant,” said Richard Litton, President, HGI. “Yonkers and the greater South Westchester submarket present strong office fundamentals, including low vacancy rates, and we believe this is a valuable opportunity for our investors.”
“We are pleased to have represented Robert Martin Company in this transaction,” said Jeff Dunne, a Vice Chairman at CBRE. “With long-term leases in-place, 3 Executive and 3 Odell will provide the buyer with stable income for years to come. Montefiore has occupied and grown within these buildings for over 20 years, a testament to the critical support functions they provide to Montefiore’s expanding network.”