Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester

Planet Fitness replaces West Babylon Best Market; Wading River farm stays in family

Verco Properties' John Verni with 227-239 Harrison Avenue (Twitter, Google Maps)
Verco Properties' John Verni with 227-239 Harrison Avenue (Twitter, Google Maps)

MT Freehold BPD acquired a six-building industrial portfolio in Freehold, New Jersey, for $15.2 million, Real Estate Weekly reported. Asbury Avenue Partners was the seller of the Central Jersey portfolio, which includes a one-acre lot suitable for a 13,000-square-foot industrial build.

The built portfolio at 1 Business Park Drive includes six warehouses spanning 90,000 square feet. The complex was built in 2007 and later renovated in 2021. A CBRE team including Charles Berger and Elli Klapper represented Asbury Avenue in the sale.

Verco Properties sold its newly developed multifamily property in Harrison, New York, for $21.5 million. The Harrison Playhouse Lofts in Westchester County was scooped up by a local private investor in an off-market deal.

The property at 227-239 Harrison Avenue reaches five stories high and includes 36 units, as well as 5,000 square feet of retail space. Lev Mavashev and Shai Egison of Alpha Realty, which announced the deal, represented Verco in the transaction.

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In West Babylon, Long Island, a Planet Fitness has opened at the former site of a Best Market at the West Babylon Town Center. The gym opened at 533 Montauk Highway earlier this month, Newsday reported, marking its 25th Long Island location in a 21,000-square-foot space.

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The Best Market was big enough that it needed two tenants to fill its former space. Lidl bought 27 of the grocery stores from Best Market several years ago, including all 24 on Long Island. The German discount retailer opened a 36,000-square-foot space in September.

A century-old farm in Wading River will be remaining in the family after the Peconic Land Trust worked on a $7.9 million deal to preserve John Condzella Jr.’s farm, according to Newsday. The deal involved six parcels, funded by $5.6 million in state grants, $2 million in land discounts on behalf of the sellers and some private donations.

The relatively small farm is known for its hops, asparagus and strawberries. Once the deal is closed, the Condzella farm will own the properties across the 38 acres, while the land trust will own the development rights.