70 Red Schoolhouse Road Sold at Full Occupancy with Recent Improvements
CHESTNUT RIDGE, N.Y. (May 2016) – CBRE announced today that its Investment Properties team has arranged the $2.59 million sale of a 32,000-square-foot industrial property in Chestnut Ridge, N.Y.
Located at 70 Red Schoolhouse Road, the facility features four units that are fully occupied by three separate tenants, including Clemente’s Baseball & Softball Academy, a prestigious training facility for up-and-coming athletes.
CBRE Capital Markets Investment Properties’ team of Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, along with CBRE’s Robert L’abbate, represented the seller and procured the buyer in the transaction.
Throughout recent years, the previous owners of the facility invested in number of significant capital improvements, including the installation of new signage, the conversion from well water to municipal water service and the expansion of parking. In addition, a new roofing system was installed under a 20-year warranty.
“Though there’s a limited amount of industrial assets currently available, high demand and activity is a testament to the continued strength of the industrial market,” said Mr. Klapper. “Our team was able to procure the buyer, a seasoned industrial property owner who received a loan for the property with ease.”
70 Red Schoolhouse Road is situated on 1.98 acres, in immediate proximity to the Garden State Parkway, Interstates 287 and 87, Routes 17, 202 and 59 and the Palisades Parkway.
Mr. Klapper added: “Our CBRE Tri-State Investment Properties team is very active in the New York suburban market, as well as in the urban New York City boroughs. With our extensive reach of investors, we can generate more interest in properties and achieve maximum value for our clients.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
