Robust Interest, Rapid Contract Execution for 3 Alpine Court Reflects Sustained Demand
CHESTNUT RIDGE, N.Y., May 8, 2019 – Robust interest and rapid contract execution for 3 Alpine Court in Chestnut Ridge reflects sustained demand for Class A industrial product in Rockland County. Cushman & Wakefield this month orchestrated the sale of this 68,862-square-foot asset from CMS Holding Company Inc. to Weiss Real Estate Investments.
Within just two weeks of coming online, the single-story structure went under contract, according to Cushman & Wakefield’s Andrew Schwartz, who headed the transaction with members of the commercial real estate services firm’s New Jersey-based investment sales team – including Andrew J. Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt – along with industrial specialists Stan Danzig and Stephen Elman.
“This was one of the most active listings I have seen in quite some time,” Schwartz noted. “Since the tenant will be moving out in the near term, we had strong interest from both the investment community as well as potential owner/occupiers. As a general statement, this deal is reflective of unabated industrial demand throughout the greater New York metropolitan area.”
Schmidt credited the building’s appeal to its contemporary design, featuring 24-foot clear ceilings, generous column spacing and a recently renovated executive office area, along with its desirable location and proximity to the New York Thruway. The 6.3-acre property sits 30 miles west of Manhattan, just north of the New Jersey border, minutes from I-287, Route 17, the Palisades Parkway and Exit 172 of the Garden State Parkway. Port Newark and all three major New York area airports are within a one-hour drive.
“The region’s well-developed roadway and transportation infrastructure facilitates the transportation of goods,” Danzig added. “Rockland County is well known for its outdoor attractions, its expanding residential base and skilled labor pool, which has become an appealing location for manufacturing, pharmaceutical and service companies.”
A privately held owner/investor, Weiss Real Estate Investments is active in the regional marketplace. According to Schmidt, the firm plans to release 3 Alpine Drive as an opportunity for a single tenant or multiple users.
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.