Six low‑slung industrial buildings in Mamaroneck just got a deep‑pocketed new landlord. East Capital Partners has bought the fully leased small‑bay portfolio, sliding into a tight Westchester industrial pocket where space is scarce and proximity to New York City is the main selling point.
The shallow‑bay warehouses cater to light‑industrial and service tenants and sit a quick drive from I‑95 and Route 1. The deal is another signal that investors are still very interested in infill industrial properties that offer both convenient access to the city and reliable income from existing leases.
East Capital Partners paid roughly $35.23 million for the six‑building package, according to CoStar. The portfolio totals about 153,430 square feet across properties on Fenimore Road, Waverly Avenue and Ogden Avenue and is fully leased to 13 tenants, Real Estate NJ reported.
How the deal was financed
To fund the purchase, East Capital lined up a roughly $28.25 million floating‑rate loan from Sound Point Capital, according to Commercial Observer. "Westchester County continues to demonstrate exceptionally strong industrial fundamentals, particularly within the small‑bay segment which has consistently outperformed other product types," Cushman & Wakefield’s John Alascio told the outlet. Investors and lenders have been zeroing in on smaller, well‑leased industrial properties that can provide steady cash flow along with some upside as rents reset.
What it means for Mamaroneck
NAI James E. Hanson marketed the properties on behalf of The Renatus Group, and the brokerage said demand from investors for institutional‑quality shallow‑bay assets is still intense in supply‑constrained Westchester, Real Estate NJ reported. Brokers pointed to the portfolio’s quick access to major corridors and its mix of tenants as reasons East Capital saw both dependable income now and the potential to boost value through future lease adjustments.
East Capital, led by co‑founders Drew DeWitt and David Archibald, has been growing its small‑bay industrial footprint from Florida up to the Northeast, according to reporting in The Real Deal. For Mamaroneck tenants and local brokers, the arrival of an institutional owner likely points to more formalized leasing processes and more professional property management on these once‑quiet warehouse blocks.
