Robert Martin Company LLC (RMC) announced today the completion of its acquisition of Mack-Cali Realty Corporation’s 3.1 million SF industrial/flex portfolio for $487.5 million. It is the largest commercial real estate transaction in Westchester County history.
The portfolio, which includes 56 buildings with approximately 260 tenants, is comprised of the following properties: 1.36 million SF Cross Westchester Executive Park in Elmsford; 770,000 SF Mid-Westchester Executive Park in Hawthorne; 780,000 SF South Westchester Executive Park in Yonkers; 270,000 SF Stamford Executive Park in Fairfield County, and a restaurant building in Tarrytown. Approximately 95 percent of the properties acquired by RMC are those that the company sold to Mack-Cali Realty Corporation 1997. RMC developed most of the buildings from the 1970s through 1990s.
“We are extremely excited to buy back this portfolio as we have always loved these assets and thankfully have a wonderful staff in place to oversee the management, leasing and construction. Today’s closing is a historic day for our company and for the Westchester real estate market,” said RMC CEO/Partner Tim Jones.
Mack-Cali acquired the portfolio from the Robert Martin Company in the 1990’s.
Jones noted that Robert Martin has continued to be an active participant in Westchester’s business community for over 60 years. “The flex parks we are buying back from Mack-Cali were trend setting when Robert Martin built them 30 years ago and because of their outstanding locations and practical design they have been among the most important commercial properties in the County since that time. They have always been very well leased, through ups and downs in the economy and today is no exception,” Jones said.
“The positive feedback and community response we have received about this acquisition has been overwhelming. We’re hearing congratulations from the brokerage community, other real estate investors, County political leaders, and from tenants – many of whom have been in the portfolio since we last owned these properties 20 years ago. It’s tremendously heartening to consistently hear that the Robert Martin Company name, brand and reputation is still stellar,” said RMC Managing Director/Partner Greg Berger.
“We plan to continue our legacy of excellence, working with our highly talented team – some of whom have worked with us for many years – to provide an outstanding experience for our present and future tenants. We have a full range of real estate services in-house – from leasing, space planning to construction and property management — to make sure we can meet all our customers’ needs,” Berger added.
“It is gratifying for me to be involved once again with the Executive Parks my partner, Marty Berger, and I conceived and developed a number of years ago. I am very proud of these properties and how they have remained relevant through the last several decades, but I take just as much pride in the quality of the team we have built at Robert Martin. It is a true pleasure to work with all of them and I am grateful for our association,” said RMC Founder and President Robert F. Weinberg.