Monday Properties, a dynamic real estate investment firm and industry-leading developer, today announced its acquisition of 1 Half Moon Bay Drive in the village of Croton-On-Hudson in Westchester County, New York. In partnership with Nexjen Real Estate and KPR Centers, the deal marks Monday’s first industrial acquisition as it continues to diversify into various asset classes and expand within the Tri-State area.
An industrial warehouse and distribution center, 1 Half Moon Bay Drive is 120,000SF, located on a 5.64 acre lot. Originally built in 1974, the building was renovated in 2005 to offer tenants additional warehouse and office space. The facility features a maximum clear height of 30 feet, 10 loading docks, and two12-foot drive-in doors. Regional tire wholesaler Max Finkelstein Inc., which was acquired by US Ventures in 2022, occupies the building as a single user.
"Monday Properties’ has developed roots in the New York metro market, and this particular area has experienced a growing demand for real estate due to its proximity to the waterfront, as well as major transportation hubs and urban areas,” said Tim Helmig, Managing Partner at Monday Properties. “This acquisition emphasizes the firm’s growth strategy and ability to identify opportunities and trends in diverse asset classes.”
Croton-On-Hudson, located just 40 miles north of Manhattan on the Hudson River, is a desirable market for residents and businesses alike. The property at 1 Half Moon Bay Drive has unparalleled views of the Hudson River and convenient access to major transportation hubs, including Route 9, a major north-south thoroughfare, and the Croton-Harmon train station, which serves the Metro-North Railroad's Hudson Line and all Amtrak lines running along the Empire Corridor.
"The industrial market is strong in Westchester County due to limited inventory, virtually no new supply, and continued demand from a diverse tenant base,” said Adam Carr, Executive Vice President of Acquisitions and Capital Transactions at Monday Properties. “Industrial assets of this size and quality in this market are rarely available.”
"We are thrilled to collaborate with the team at Monday Properties. It’s reassuring to align with a group that not only exhibits excellence in their endeavors but also shares our conviction in properties that demonstrate tremendous potential,” said Jacob Entel, Founder of Nexjen Real Estate.
Monday Properties’ strategic entry into the industrial sector reflects the firm’s commitment to innovation, even throughout dynamic real estate market conditions. In the last year alone, the firm has delivered significant capital improvements, executed award winning campaigns, expanded its executive team, and broken ground on The Willow, its third ground-up multifamily development in North Charleston, SC.