MAMARONECK — A $29 million deal involving nine buildings along Fenimore Road and Railroad Way is the most expensive industrial sale in Westchester this year.
Situated on 7.26 acres, the property includes nine buildings totaling 185,544 square feet, ranging from commercial buildings to industrial buildings such as warehouses and storage facilities.
The new owner, Mamaroneck Industrial Owners LLC, purchased the property in September from Harrison-based Marangi Realty Associates LLC, according to town records.
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Darren Lee, a real estate agent with Christie’s International Real Estate Group who brokered the deal, said the new owners will “maintain the property as is and renovate it to meet modern distribution and warehousing needs.” He said it was highly likely.
The portfolio is located near major transportation routes such as I-95 and the Hutchinson River Parkway, and is located near major transportation routes such as I-95 and the Hutchinson River Parkway, and is well-positioned for fast-growing areas such as logistics, The location is said to be ideal for distribution and last-mile delivery.
One of the nine buildings is located at 500 Fenimore Road, currently occupied by Arctic Glacier Premium Ice. The building, located on 1.82 acres, was built in 1970, according to town property records.
“Buyers are recognizing the value of industrial space. There is a huge need for industrial space in areas such as distribution and last-mile delivery,” Lee said.
Westchester industrial real estate is booming
Industrial real estate is booming in Westchester. As of September 19, the industrial vacancy rate was 5.2%. The median asking price per square foot was $156 in 2023 and $142 per square foot in the second quarter of 2024, according to KoStar Group.
Lee said his team spent five months facilitating this off-market transaction, identifying and connecting buyers and sellers.
“It’s a meeting of minds between buyers and sellers,” Lee said. “This wasn’t the type of sale where they come in and tear everything down. The sellers see the value in this industrial and commercial use, so we have buyers and buyers who come in and sustain this industrial and commercial use. We have a very strong connection.”
The owner declined to comment on future plans.
“This transaction truly reflects the trust between buyer and seller,” Lee said.
Helu Wang covers development and real estate for The Journal News/lohud and the USA Today Network. Please contact hwang@gannett.com.
