Robert Martin Company has recently regained the number one spot in Westchester County’s industrial real estate market.
The Greenburgh-based firm reclaimed the throne by buying back a majority of its sprawling commercial real estate portfolio that it had sold to Mack-Cali Realty Corp. for $450 million more than two decades ago.
“This portfolio makes it somewhat unusual because we built almost all of these buildings,” said Timothy Jones, Robert Martin Co.’s CEO. “But we think the timing of acquisition is excellent because of the demand.”
The $487.5 million transaction involved 3.2 million square feet occupied by 260 commercial tenants, many of them located in the Cross Westchester Executive Park in Greenburgh; the Mid-Westchester Executive Park in Hawthorne; and the South Westchester Executive Park in Yonkers.