GHP Office Realty’s Investment Sales Division has announced that 313 Central Ave., in Scarsdale has a new owner, Polaris Properties, a local investor.
The 18,799-square-foot fully leased office/medical building was sold for $2,550,000. It is a steel framed, two-tier office building built in 1982.
“The sale of 313 represents the culmination of the repositioning of the property. It was only 70 percent occupied at the time it was acquired. Through capital improvements and a targeting leasing campaign, we were able to achieve 100 percent occupancy. However the story doesn’t end there. Besides 313 Central Ave., the property also consists of an 8,800-square-foot retail building know as 303 Central Ave., and a cell tower. We decided to break up the pieces and sold the retail building and the cell tower in 2012 to different buyers in separate transactions. The result of those sales and the sale of 313 maximized the investors return,”said Jamie Schwartz, executive vice president of GHP, who worked with Kelly Houlihan Buckley, a senior director of GHP.
GHP Office Realty was formed in 1999. The company is specializes in the acquisition, leasing and management of office, flex, retail and industrial properties in the suburban markets of the tri-state area. It currently owns and manages over 5 million square feet in 100 buildings.