Realterm announces the acquisition of a 112,791-square-foot final mile warehouse located at 215 Business Park Drive in Armonk, N.Y. 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.
“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.”
Minutes away from US-22, and with close access to I-684, I-287 and I-95, 215 Business Park Drive is located 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.
“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,” said Stephen Panos, Senior Vice President and Fund Manager, Realterm.
Highlights of the property include:
•Square feet: 112,791 SF
•Land area: 5.5 acres
•Loading positions: 17
•Access: US-22, I-684, I-287 and I-95
Charlie Luce and John Meador of Casco Real Estate Partners facilitated the transaction and represented Realterm.
A photo of the property can be found here and credited to Realterm.
Realterm executes private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $10 billion in assets through five transportation logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow-through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Indospace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.