Four-Building Industrial Portfolio in Rockland County Trades

VALLEY COTTAGE— East Capital Partners has acquired the “Northern I-287 Small-Bay Portfolio,” a four-building industrial complex totaling 209,792 square feet in Valley Cottage.

JLL Capital Markets represented the seller, a private individual, in the sale to Darien, CT-based East Capital Partners. Working on behalf of the new owner, JLL also secured an acquisition loan through PCCP LLC. No financial terms of the transaction were announced.

The portfolio consists of four small-bay industrial assets spanning 16.48 acres at 612 Corporate Way, 614 Corporate Way, 704 Executive Blvd., and 706 Executive Blvd. The buildings range from 29,700 square feet to 72,000 square feet and feature 24-foot clear heights with flexible suites from 1,300 square feet to 28,350 square feet.

The property is currently 96% leased to 27 tenants across diverse industries including wholesale and distribution, healthcare, financial services, logistics, and construction. The buildings feature 32 dock-high doors, two drive-in doors and 473 parking spaces providing a ratio of 2.3 spaces per 1,000 square feet.

Located just off Route 303 and three miles from Interstate 287, the property offers exceptional connectivity to Bergen County, Westchester County and the New York City boroughs. The portfolio sits less than six miles from the Mario M. Cuomo Bridge and provides access to more than 980,000 consumers within a 30-minute drive time.

With an increasingly constrained development pipeline of comparable product and limited available land for new construction, the properties are well-positioned to capitalize on the sustained demand for small-bay industrial space in proximity to some of the most affluent and densely populated markets in the greater New York area, JLL Capital officials stated.

“We continue to see strong momentum for small bay industrial assets, particularly in the Northeast due to severe supply constraints, tenant diversity, and premium demographics. We expect continued institutional investment demand across this subsector, and we look forward to seeing East Capital execute their business plan,” stated Jose Cruz, Senior Managing Director, JLL Capital Markets.

Earlier this year, an adjacent industrial portfolio in Valley Cottage changed hands in a $62.75-million deal.

JLL Capital Markets announced on Feb. 12 the sale of the I-287 Multi-Tenant Light Industrial Portfolio, a three-building, 261,950-square-foot light industrial portfolio. The portfolio consisted of three properties: 616 Corporate Way (64,000 square feet), 618 Corporate Way (85,790 square feet) and 711 Executive Blvd. (112,160 square feet). The JLL Suburban Tri-State Capital Markets team represented the sellers, Lincoln Equities Group LLC and PCCP, in the transaction. Invesco Real Estate acquired the portfolio.