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August 20, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Bradley Corporate Park in Blauvelt is sold

Bradley Corporate Park in Blauvelt. Image via GoogleMaps

Bradley Corporate Park, a 1.2 million-square-foot complex spanning 16 buildings across 180 acres in Blauvelt, has been sold to a joint venture of Onyx Equities LLC, a Woodbridge, New Jersey-based real estate investment and property services firm, and Angelo Gordon, an alternative investment firm in New York City.

The official news announcement did not disclose the financial terms of the agreement. The complex is 90% leased and was owned by developer John Magee, who was ordered by a bankruptcy trustee to sell the property in order to raise $21.5 million for satisfying creditors who lost $60 million in an alleged Ponzi scheme orchestrated by FKF3, a real estate firm that Magee co-owned.

The buyers, who were represented in the transaction by CBRE, added this was the largest commercial property transaction to occur in Rockland County since 2016.

“The acquisition of Bradley Corporate Center has expanded our portfolio into the high-barrier-to -entry, infill market of Rockland County,” said Onyx Equities’ Chief Investment Officer Stephen Sullivan. “This portfolio provides our venture stable cash flow with the ability to increase revenue through strategic renovation and lease up, as well as potential for development.”