What's The Big Deal?

What’s The Big Deal? Rella Boulevard Development Parcels Sell For $6.73 Million; South Pascack Road Parcel Sells For $2.75 Million; Former Truck Depot In Nanuet Sells For $6.75 Million

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Parcels At 100 and 300 Rella Boulevard In Montebello Sell For $6.73 Million; Future Site Of Warehouse & Self-Storage Units

100-300 RellaTwo parcels at 100 and 300 Rella Boulevard in Montebello (55.08-1-5 and 1-6) sold to Montvale, NJ-based Rella Owner LLC. The seller was Rella Partners, LLC. The two parcels sold for $6.73 million.

The two parcels total 19.34 acres of non-residential vacant land.

An application by ACG Warehouse & Distribution for 100-300 Rella Boulevard was filed with the Rockland County Industrial Development Agency for construction of a 224,500 square-foot warehouse with 6,000 square feet of accessory office space, a sound wall, and a four-story 138,240 square-foot self-storage building. Benefits sought from the IDA include over $600,000 in mortgage recording tax abatement and over $1.8 million in sales/use tax exemptions. The project also sought a PILOT (Payment in Lieu of Taxes) agreement with the Town of Ramapo, the Village of Montebello, and the Suffern Central School District.

According to the IDA application, the total capital costs for the project are about $90 million and expected employment for the tenant companies would be 150 full-time and 50 part-time jobs.

The parcels are located in the LO-C Zone on the north side of Rella Boulevard at the intersection of North Airmont Road in the Village of Montebello.

Rella Owners, LLC and ACG Warehouse & Distribution are managed by Joseph Brachfeld, who manages LLCs that own or are affiliated with 757 Acquisitions, The Monsey Marketplace, the Arcadian Group, and other companies. As previously reported, Brachfeld purchased the properties at 755 and 759 Chestnut Ridge Road, the former home of Sgobbo’s Rockland Gardens. Those two parcels comprising 8.88 acres sold for $3.5 million.

Financing for the acquisition in the amount of $5.4 million was provided by 100 Rella Funding, LP, a Woodmere, NY-based limited partnership.

The deal was brokered by Joel Gruber of Rand Commercial.

South Pascack Road Parcel In Chestnut Ridge Sells For $2.75 Million To NJ-Based Developer

South Pascack RoadIVR Mazel, LLC sold the property at 439-441 South Pascack Road (63.14-2-14) in Chestnut Ridge to New Jersey-based Pascack Property LLC. The 5.6 acre property, with a variety of structures on it, sold for $2.75 million. The buyer, Pascack Property, LLC, based in Brick, NJ, is an affiliate of Tryco Partners, LLC. Its principal is Yitzchok Rokowsky.

The property is zoned residential, with 35,000 square foot minimum lot sizes which would allow seven single family homes on the site. Other options include greater density with Planning Board approval. Houses of worship are also allowed as a conditional use.

A small strip of land on the opposite side of South Pascack Road was included in the acquisition.

Tryco Partners operated as a real estate investment firm, and is involved in three businesses – multifamily housing development, skilled nursing facilities and the purchasing of tax liens.

Single family homes on adjacent Salci Court sell for between $1 million and $1.5 million.  Any development on the parcel would be subject to County review under the General Municipal Law as the property sits on Route 35, a county road.

Truck Depot In Nanuet Sold to RealTerm affiliate for $6.75 Million

80 West NyackTForce Freight, Inc., a Virginia Corporation, sold the property at 80 West Nyack Road in Nanuet to RLF IV East 2, LLC, a Delaware LLC based in Annapolis, MD. The five-acre commercial property with 32-truck doors sold for $6.75 million.

The buyer is affiliated with Realterm. According to its website, Realterm invests in transportation-advantaged assets located within the top global distribution and logistics markets. Its investments are critical to national, regional and local trucking and logistics users alike, including retailers and wholesalers, bulk and regional warehouse operators, manufacturers and e-commerce fulfillment providers.

“The property will enable transportation groups to service both the broader New York/New Jersey region and the surrounding dense consumer population from a central and accessible location,” said Ed Brickley, Managing Director and Senior Fund Manager for Realterm.

The property at 80 West Nyack Road was formerly owned by UPS Ground Freight and before that the Overnite Transportation Company.

Realterm focuses on the transportation industry and manages over $11 billion in assets.