The acquisition financing was provided by Bank of America.
A Cushman & Wakefield Equity, Debt & Structured Finance team led by John Alascio, Gideon Gil and Steve Kohn with Sridhar Vankayala, Zachary Kraft and Emily Johansen, represented Angelo Gordon & Onyx Equities.
“This transaction represented an exceptional opportunity for lenders given the experienced sponsorship profile and value-add nature of the deal,” said John Alascio of Cushman & Wakefield. “The industrial park has significant upside through management efficiencies and institutionalizing the rent roll. Our clients acquired the portfolio well equipped to introduce a capital plan to upgrade the buildings and cure deferred maintenance, renew and extend existing tenants and bring the park to an institutional standard.”
“Our clients were able to take advantage of the robust market conditions throughout this process,” added Gideon Gil. “We received strong lender feedback, ultimately selecting Bank of America as they demonstrated a clear understanding of the opportunity and business plan.”
Bradley Corporate Park is a 17-building industrial portfolio located in Orangetown/Clarkstown in Rockland County, New York. The property was acquired in May 2019 and was the largest commercial acquisition in Rockland County since 2016. Bradley Corporate Park is located just west of White Plains, New York, and only forty-five minutes from Midtown Manhattan.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.