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CBRE Announces Sale of 1311 Mamaroneck Avenue In White Plains, NY

CBRE announced today the sale of 1311 Mamaroneck Avenue, a 323,431 sq. ft. office property in White Plains, New York. 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 seller and
procured the buyer, Interra Capital Group.

Situated on approximately 21 acres, 1311 Mamaroneck Avenue is 53% leased and adjacent to Exit 13 off the Hutchinson River Parkway. The size of the property provides Interra an immediate officeplatform with significant upside by leasing the well positioned 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’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.”

The purchaser, Interra Capital Group, is based in Houston, Texas with properties throughout the United States. “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,” Jack Polatsek, its principal, explained.

CBRE Institutional Properties Group is marketing several attractive investment opportunities including: The Woodbury Portfolio, a six-building, 719,317 sq. ft. office portfolio in Woodbury, NY; Chappaqua Crossing, a 490,000 sq. ft. value-add medical office property in Chappaqua, NY; Pond View Corporate Center, a 225,551 sq. ft. office complex in Farmington, CT; and Harborside, a 3.2 million sq. ft., five-building value-add opportunity on the waterfront in Jersey City, NJ.

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