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Three Industrial/Warehouse Parcels Bought In 2021 For $48.5 Million Sell For $62.75 Million
Three parcels in Clarkstown Executive Park off Route 303 in Valley Cottage were sold by RCD Park Owner LLC. The parcels at 616 and 618 Corporate Way and 711 Executive Boulevard, purchased in 2021 by RCD for $48.5 million and sold to Dallas, TX-based Valley Cottage Owner LP for $62.75 million.
Valley Cottage Owner, LP assumed the existing mortgage balance of $33.95 million held by Fidelity & Guaranty Life Insurance Co.
Valley Cottage Owner, LP is affiliated with the financial giant Invesco Real Estate of Dallas, TX. Invesco manages over $90 billion in real estate assets globally.
RCD Park Owner retained the other properties it acquired along Corporate Way and Executive Boulevard in 2021. It completed construction of a 220,000 square foot warehouse on 20 acres on Executive Boulevard parallel to Route 303. The warehouse, developed by the Lincoln Equities Group of Rutherford, NJ and completed last year, remains vacant. To secure approval at the Clarkstown Planning Board, the developer scaled back the dock doors, donated land to the Town of Clarkstown, and agreed to finance traffic mitigation measures along Route 303.
616 Corporate Way, built in 2007 sits on 5.32 acres contains 64,000 square feet of industrial/warehouse space. 618 Corporate Way is 84,150 square feet on 8.6 acres. 711 Executive Boulevard is 111, 950 square feet on a 9.29 acre lot. All buildings are industrial warehouse properties with multiple tenants in place.
Spring Valley’s Kennedy Mall Sells For $18 Million With Redevelopment Plans To Add Apartments Above Existing Retail
The Kennedy Mall, a retail strip center, at 23-67 Kennedy Drive in Spring Valley, sold for $18 million. The seller was Cuzson Associates, LLC. The buyer was Brooklyn, NY-based Kennedy Center Mall, LLC.
The shopping center, built in 1985 covers 5.14 acres with about 18,000 square feet of retail inline space in two buildings.
Financing for the acquisition was provided by New York City-based NEG 8 Financing LLC in the amount of $9.08 million.
A redevelopment proposal was submitted to the Village of Spring Valley Planning Board that contemplated adding three additional floors to the two structures on the property. The ground floors would remain as retail spaces but be enlarged with additional floor area. The upper three floors of the northern building would add 42 apartment units. The upper floors of the southern building would add 52 apartment units.
The existing parking area would be reconfigured to accommodate the residential use and provide a total of 270 parking spaces.
The Rockland County Planning Board and Planning Department, despite recognizing the need for housing and the benefits of rehabilitating the aging property, opposed the application, and made multiple suggestions for the developer to consider, based on the location, the configuration, and the zoning. The four story building would rise to 60 feet in height. With an FAR of .75, concerns were raised that the project will create “massive blocks that will have a severe impact on the local streetscape and quality of life in the neighborhood.”
Numerous variances would be required under the redevelopment proposal. Both site plan approval from the Planning Board and a Special Permit would be required from the Village Board.
New City Office Property Sells For $1.7 Million
A medical/office building at 365 South Main Street in New City sold for $1.7 million. The seller was 365 South Main LLC. The buyer was Spring Valley-based Yemois Hachama, LLC.
The two-story, multi-tenant office property sits on .49 acres. The structure, built in 1986 is 9,000 square feet, and has 23 onsite parking spaces, according to public records.
Rents in the building are about $50 per square foot.
