CBRE facilitated the transaction
Yonkers, NY – April 29, 2021 – Affiliates of Harbor Group International, LLC (“HGI”), a privately owned international real estate investment and management firm, in a joint venture with Benedict Realty Group (“BRG”), today announced the acquisition of a single-tenant office property in Yonkers, New York for $37 million. The CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller, an entity managed by Robert Martin Company.
The property includes two office buildings totaling 130,607 square feet and is located at 3 Executive Boulevard and 3 Odell Plaza. Both assets are leased on a long-term basis to Montefiore Medical Center (“Montefiore”), a wholly owned subsidiary of Montefiore Health System, one of the largest health care systems in the greater New York City area. The buildings contain operational support and IT functions for Montefiore and are strategically located with easy access to its hospitals.
“With the purchase of these properties, HGI is acquiring two high-quality office assets occupied by a long-term tenant,” said Richard Litton, President, HGI. “Yonkers and the greater South Westchester submarket present strong office fundamentals, including low vacancy rates, and we believe this is a valuable opportunity for our investors.”
Daniel Benedict, BRG’s founder and President, noted: “We are excited to expand our tenant base of major Northeast hospital systems to include Montefiore Hospital. We are equally excited to joint venture with the expert and talented team at HGI. We thank the CBRE team for their professionalism and guidance throughout this process.”
“We are pleased to have represented Robert Martin Company in this transaction,” said Jeff Dunne, a Vice Chairman at CBRE. “With long-term leases in-place, 3 Executive and 3 Odell will provide the buyer with stable income for years to come. Montefiore has occupied and grown within these buildings for over 20 years, a testament to the critical support functions they provide to Montefiore’s expanding network.”
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate-related investment and management firm which controls a portfolio of worldwide assets valued at $13.5 billion. HGI is headquartered in Norfolk, Virginia, with offices in New York, Baltimore, Los Angeles, and Tel Aviv. The company’s real estate holdings include 4.3 million square feet of commercial properties and 48,000 apartment units. For additional information, please visit www.harborgroupint.com.
About Benedict Realty Group
Benedict Realty Group, LLC owns a multi-billion-dollar portfolio of multifamily and medical office buildings along the East Coast. BRG’s health care tenants in the New York metro area include Stamford Hospital, Greenwich Hospital, North Shore-LIJ, Englewood Hospital and Rhode Island Hospital. For additional information, please visit www.brgny.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.