Stamford Executive Park sells as part of $488M deal
Tenants include Fujifilm Medical Systems and RPM Raceway
STAMFORD — A 56-building group of tri-state buildings, a collection that includes an office-industrial complex in the city’s Waterside section, has sold for about
$488 million, in a deal billed as the largest such transaction of the past
15 years in the metropolitan region outside New York City.
Jersey City, N.J.-based real estate investment trust Mack-Cali Realty Corp. sold the holdings to a jointventure partnership managed by Elmsford, N.Y.-based real investment, development and management firm Robert Martin Co. The
3.1 million-square-foot portfolio comprises the approximately
273,000-square-foot Stamford Executive Park and three light-industrial parks: Cross Westchester Executive Park in Elmsford; Mid-Westchester Executive Park in Hawthorne, N.Y.; and South Westchester Executive Park in Yonkers, N.Y.
The five-building Stamford Executive Park, at the southern end of West Avenue, sold for a total of approximately $30 million, according to records on file in the Stamford City and Town Clerk’s office. Tenants include Fujifilm Medical Systems and the RPM Raceway go-karting track and entertainment center, which opened last year.
“Industrial continues to be one of the hottest sectors in the real estate capital markets today; this particular portfolio was very interesting to several groups given the size, location and potential upside,” Jose Cruz, a senior managing director at mortgage-banking firm Holliday Fenoglio Fowler, which represented Mack-Cali in the sale, said in a statement.
Stamford has seen a number of other major property sales this year.
In the city’s largest transaction of 2019, the downtown Stamford Corners apartment complex, at 1455 Washington Blvd., sold in the past month for $60 million.
Among other recent sales, a future self-storage facility at 370 W. Main St. sold for $5.5 million.
At the turn of the year, the downtown office complex at 600 Summer St. changed hands for about $18 million.
Other sales in the past few months have included the site of the Stamford Marriott hotel, which sold last October for about $32 million, and a two-building complex at 11111117 Summer St., which was bought last October for around $12 million.