Maryland-Based Logistics Firm Buys Warehouses in Westchester, Rockland Counties
Real Estate In-Depth | February 17, 2022
ANNAPOLIS, MD—Logistics investment firm Realterm, which is headquartered in Annapolis, MD, has acquired a final-mile warehouse property in Armonk and another two warehouse buildings in Blauvelt, totaling a combined more than 420,000 square feet of industrial space.
On Feb, 14, Realterm reported that it acquired the 112,791-square-foot warehouse building at 215 Business Park Drive in Armonk. The fully leased facility includes 10,391 square feet of office space and 15 dock-high and two drive-in loading positions. The facility also has 1.5 acres of grass in the rear of the property that can be used for future expansion.
Earlier in the month, Realterm announced its purchase of two final-mile warehouses in Blauvelt. With a combined total of 307,275 square feet across 32 acres, the properties include 200-400 Oritani Road and 100 Oritani Road in Hudson Crossing Industrial Park. Both properties have long-term tenants, excess parking and an efficient combination of drive-in and dock-high loading positions, company officials stated.
No financial terms for either transaction was disclosed.
In terms of its latest acquisition in Amronk, Realterm noted that the property is located minutes away from US-22, and with close access to I-684, I-287 and I-95. The building is 45 minutes north of Manhattan, five miles from Westchester County Airport and 32 miles from LaGuardia Airport. It also provides exceptional accessibility to the greater tri-state region’s growing distribution base of more than 20 million people.
“215 Business Park Drive is located in Westchester County, one of the most compelling final-mile markets in the country,” said Ben Andreycak, East Region Acquisitions, Realterm. “With immediate proximity to densely populated and high demographic communities, and a favorable lease in-place, this property is an advantageous addition to our growing portfolio.”
Stephen Panos, Senior Vice President and Fund Manager, Realterm, added, “With strong high flow through capabilities and room to grow, this is a valuable acquisition in a market with significant barriers to new industrial development.”
Charlie Luce and John Meador of Casco Real Estate Partners facilitated the transaction and represented Realterm.
Realterm’s deal in Rockland County, which was announced on Feb. 2, involves two properties that have easy access to I-287 and less than an hour from Newark Liberty International Airport (38 miles away), Port of Newark-Elizabeth Marine Terminal (38 miles away) and New York Stewart International Airport (48.5 miles away).
“The tri-state region, New York, New Jersey and Connecticut, is a leading final mile market with high barriers to new development, a population with strong income demographics and deep user demand, all of which make these warehouses extremely valuable additions to Realterm’s portfolio,” said Realterm’s Andreycak.
Brian Fiumara of CBRE facilitated the transaction and represented the seller.
Realterm is a $10-billon assets under management vertically integrated logistics real estate sponsor executing differentiated private equity strategies based on insights into the global supply chain and evolving consumption trends. Realterm currently manages more than $4 billion of commingled equity through three logistics-oriented private equity real estate investment platforms: Realterm Logistics, the leading owner of high flow through (HFT) logistics real estate in North America and Europe; Aeroterm, the largest owner of on-airport HFT assets in North America; and IndoSpace Logistics Parks, the largest industrial development platform in India.