Houston-Based Firm Acquires White Plains Office Building
Real Estate In-Depth | October 3, 2022
WHITE PLAINS—Commercial brokerage firm CBRE reports it has recently brokered the sale of 1311 Mamaroneck Ave., a more than 320,000-square-foot office property in White Plains.
The property, which totals 323,431 square feet of office space, was acquired by Interra Capital Group of Houston. The property is currently 53% leased. The CBRE Institutional Properties team of Jeffrey Dunne, Steve Bardsley, and Travis Langer, in conjunction with Patrick Arangio, Jack Howard, and Kurt Altvater of CBRE’s National Loan & Portfolio Sale Advisors, represented the unidentified seller and procured the buyer, Interra Capital Group.
No financial details of the transaction were disclosed.
The property, located adjacent to Exit 13 of the Hutchinson River Parkway, totals approximately 21 acres. CBRE states that the size of the property provides Interra Capital Group with an immediate office platform with significant upside by leasing the vacant space. 1311 Mamaroneck offers tenants large contiguous blocks of space to consolidate their operations, as well as an updated lobby, gourmet cafeteria and fitness center, CBRE noted.
CBRE’s Jeff Dunne said, “The offering represented a unique opportunity to purchase a premier office complex with a large site directly off the Hutchinson River Parkway, one of Westchester County’s major thoroughfares. With corporate neighbors nearby, such as Mastercard, Quest Diagnostics, and Gannet, this Westchester location offers an attractive business environment for discerning tenants.”
“This asset fully aligns with our strategy of purchasing value add/distressed assets, where the reset of basis allows for creativity in stabilizing the property,” said Jack Polatsek, a principal of Interra Capital Group.
The 1311 Mamaroneck Ave. property was owned at one time by Onyx Equities, which acquired the property in 2014 and undertook significant capital improvements at the property shortly thereafter. The property was built in 1982 by Jack Parker Corp. and was formerly known as the Parker Corporate Center.
CBRE Institutional Properties Group is marketing several investment opportunities including: The Woodbury Portfolio, a six-building, 719,317 square-foot office portfolio in Woodbury, NY; Chappaqua Crossing, a 490,000-square-foot value-add medical office property in Chappaqua, NY; Pond View Corporate Center, a 225,551-square-foot office complex in Farmington, CT; and Harborside, a 3.2 million-square-foot five-building value-add opportunity on the waterfront in Jersey City, NJ.