Cushman & Wakefield Investment Group Brokers Sale of Heritage Corporate Park

ELMSFORD, N.Y., May 2, 2017 – Heritage Corporate Park, a fully occupied flex/office property in Elmsford, has traded in a sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. PAG Investments acquired the 155,033-square-foot asset from an entity controlled by RNY Property Trust.

Located at 80 and 100 Grasslands Road, Heritage Corporate Park sits on 8.5 acres in the heart of Westchester’s commercial and industrial corridor. A 67,454-square-foot flex building (100 Grasslands Road) features a three-bay loading dock, 24-foot clear height, and showroom and warehouse space. It is complemented by a three-story, 87,579-square-foot office building (80 Grasslands Road). Tenants enjoy conveniences such as covered executive parking, onsite cafeteria service, and a yoga and fitness studio.

The institutionally maintained property has served as the headquarters location for Amscan, Inc. for more than 20 years and also serves as home to several other tenants. “The flex/office combination distinguishes Heritage Corporate Park within the Westchester County marketplace,” noted Cushman & Wakefield’s Andrew Merin, who headed the transaction with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin.

“Amscan’s executive offices are located at 80 Grasslands Road, while the company maintains an advertising and photography studio, and showroom at 100 Grasslands,” he added. “They provide an excellent illustration of why properties with dual-purpose functionality work so well. The vacancy for flex product in Westchester County is in the single digits, which combined with this property’s strong leasing history, drew significant investor interest.”

Beyond its highly sought after product type and location within highly affluent Westchester County, Heritage Corporate Park is located proximate to abundant nearby amenities and regional highways. “The property provides excellent accessibility via the Saw Mill River and Sprain Brook parkways, within minutes of I-87, I-287 and the Taconic State Parkway,” DiTommaso said. “This offers superior access throughout the tri-state area given its 30-minute drive to New York City, and 15-minute drive to New Jersey and Connecticut.”

The Park is also less than five miles from the “New NY Bridge,” the $3.9 billion Tappan Zee Bridge project, which will support approximately 150,000 vehicles daily. Completion of the New NY Bridge is slated for 2018.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About PAG Investments
PAG Investments LLC, is a real estate investment, development and management company primarily focused on the acquisition, operation and repositioning of commercial properties.  Based in Northern New Jersey, the company has since expanded its footprint to include greater New York metro area.  PAG Investments engages in strategic value add acquisitions and has formed partnerships with private equity groups and family offices.