Diamond Properties Buys Rockland Warehouse with Proceeds from Sale of Bedford Green

CBRE Group, Inc. represented the Robert Martin Company and MAG Real Estate Advisors in the sale of 100 Brook Hill Drive in West Nyack, NY for $36 million to Diamond Properties.

Diamond Properties will use part of the proceeds from the $46.8 million sale of Bedford Green in Bedford Hills, NY, to satisfy their 1031 exchange needs. The Bedford Green sale was also handled by CBRE and closed in July, 2014.

The property is a 490,795-square-foot industrial building that was repositioned by Robert Martin and MAG Real Estate Advisors into a multi-tenant distribution warehouse in 2013. It is 100 percent net leased.

Previously, 100 Brook Hill, located directly off Route 59 and 1.5 miles from the Intersection of I-87, I-287 and the Palisades Parkway, was occupied by Cambridge University Press, which used the space for their US headquarters and distribution.

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. The CBRE team was composed of Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE Institutional Properties combined with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE’s National Partners as well as with James Tully of CBRE’s Saddle Brook office.