Bradley Corporate Park in Blauvelt, New York — Courtesy: Onyx Equities LLC
By Joshua Burd
Onyx Equities has expanded its portfolio outside New Jersey, acquiring a 1.2 million-square-foot industrial complex about six miles north of Bergen County.
The firm, under a joint venture with Angelo Gordon, on Tuesday announced its purchase of Bradley Corporate Park in Blauvelt, New York. Located at 500 Bradley Hill Road, the property consists of 16 buildings across 180 acres.
Onyx hailed the deal as the largest commercial acquisition in Rockland County since 2016. Terms were not disclosed.
“The acquisition of Bradley Corporate Center has expanded our portfolio into the high-barrier-to-entry, infill market of Rockland County,” said Stephen Sullivan, the firm’s chief investment officer. “This portfolio provides our venture stable cash flow with the ability to increase revenue through strategic renovation and lease up, as well as potential for development.”
The CBRE team of Brad Cohen, Jacob Tzfanya and Jon Kamali, along with Brian Fiumara of CBRE National Partners, represented the buyers in the acquisition.
“We are very excited to have closed our first deal with Onyx Equities, and continued our approach of seeking value-add industrial opportunities,” said Daniel Rudin, managing director at Angelo Gordon.
In a prepared statement, Tzfanya said the portfolio is about 90 percent occupied. The new owners plan to upgrade the existing building infrastructure and lease up the current vacancies.
“The location in Rockland County is an ideal choice for distribution companies looking for expansion opportunities,” he said. “Bradley Corporate Park is located just west of White Plains, New York and only 45 minutes from Midtown Manhattan, offering convenient distribution to tristate area markets. The park offers quick access to commercial corridor including I-287, the New York State Thruway, the Palisades Parkway and Route 303.”