A six-building shallow-bay industrial portfolio sold by The Renatus Group includes 153,430 square feet along Fenimore Road, Waverly Avenue and Ogden Avenue in Mamaroneck, New York. — Courtesy: NAI James E. Hanson
By Joshua Burd
An investment firm has purchased more than 153,000 square feet of shallow-bay industrial space in New York’s Westchester County, in a deal arranged by NAI James E. Hanson.
The buyer, East Capital Partners, paid an undisclosed sum for the six-building portfolio along Fenimore Road, Waverly Avenue and Ogden Avenue in Mamaroneck. It completed the deal with plans to bring rents to market levels, the Teterboro-based brokerage team said, citing the appeal of a location just off Interstate 95 and Route 1.
NAI Hanson senior managing directors Jordan Avanzato and Christopher D. Todd and Managing Director William Ericksen of the firm’s capital markets and leasing team represented the seller, The Renatus Group.
“Demand for institutional-quality shallow-bay product remains strong, especially in supply-constrained infill markets like Westchester County,” Avanzato said. “We were pleased to identify and secure a highly qualified buyer following a targeted and competitive process and deliver a successful outcome for our client.”
The 153,430-square-foot portfolio, which is fully leased to 13 tenants, comprises:
- 500 Fenimore Road
- 520 Fenimore Road
- 628 Waverly Ave.
- 480-500 Ogden Ave.
- 503 Ogden Ave.
- 510 Ogden Ave.
“Investor capital is continuing to flow toward shallow-bay properties with strong occupancy, diversified rent roll and proximity to major transportation corridors,” Todd said. “This deal underscores the appeal of the Westchester market among institutional firms seeking both strong in-place income and future value-add potential.”
