Watchtower Acquires Brewster Industrial Property

John Jordan | March 3, 2015

BREWSTER—CBRE Group’s Westchester/Fairfield County office announced earlier this month the sale of 39 Mount Ebo Road South, a 93,000-square-foot industrial property here to The Watchtower Bible and Tract Society of New York, Inc. for $6.1 million.

CBRE represented the seller, IndCor Properties, which had acquired the property as part of a portfolio acquisition with Watson Pharmaceuticals as the tenant. Given Watson’s plans to vacate the property, IndCor retained CBRE, Inc. in advance to line up a buyer, the brokerage firm stated.

Kevin Langtry—a vice president in CBRE’s Stamford, CT office—represented IndCor, a Chicago-based REIT that owns and operates a portfolio of wholly owned industrial properties in locations throughout the United States.

The Watchtower plans to use the property for its own uses, including media production.

“This industrial property sits on 11.42 acres of land and features warehouse space and adjoining offices—it’s a truly rare block of modern high bay warehouse space for this market and continues the trend of owner occupiers buying blocks of space,” said Langtry. “This, combined with its proximity to Watchtower’s Route 22 campus, made it a great fit. It was a win-win for both IndCor and The Watchtower Bible and Tract Society of New York.”

 

John Jordan
Editor, Real Estate In-Depth