Monday Properties, a FrontRange Property Fund III platform company focused on multifamily, office, and industrial assets in the Northeast, Mid-Atlantic, and Southeast regions, recently announced its acquisition of 1 Half Moon Bay Drive in the village of Croton-On-Hudson in Westchester County, New York. The following press release contains additional details on the transaction.
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 120,000 SF, 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 two 12-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.
About Monday Properties
Monday Properties is a vertically integrated real estate investment firm that owns, operates, develops and invests in a dynamic portfolio of mixed-use properties. Since 2002, the firm has completed over 87 property transactions representing 35 million square feet and $16 billion in capital value. Monday Properties uses their comprehensive strategy based on high-growth markets and opportunistic investments to deliver unique commercial and residential investment offerings that transform communities and focus on connectivity. The company’s current portfolio totals more than 5 million square feet of commercial office space, as well as 5,300+ multifamily units that are either developed, planned or under construction. For more information on Monday Properties, please visit www.mondayre.com.
About Nexjen Real Estate
Nexjen Real Estate, based in New York City, was founded by Jacob Entel. The company specializes in real estate development, acquisitions, and advisory, focusing on multi-family and industrial assets in the Northeast US. Nexjen’s portfolio consists of over 200,000 square feet of industrial real estate, with a $100M pipeline focused on ground-up multifamily development. Central to Nexjen’s operations is its expertise in navigating land-use regulations and managing complex entitlements to unlock a property’s maximum potential. For more information on Nexjen Real Estate, please visit www.thenexjen.com.
About KPR Centers
KPR Centers has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. KPR Centers is a vertically integrated investor with in-house retail leasing, management, and development operations tailored to maximize value through proactive leasing, repositioning, and redevelopment of its properties. Established in 2003, KPR Centers has since expanded its footprint in 15 states within the greater New England, New York State, Mid-Atlantic, and Southeast submarkets. For additional information, visit www.kprcenters.com.