WPCNR REAL ESTATE REPORT. From Cushman & Wakefield. June 13, 2008 (Edited): RPW Group, the firm owned by the well-known White Plains renovator of commercial office properties, Robert Weisz,  and Cushman & Wakefield today announced the completion of the sale of Harrison Court Medical Center, a five-building complex located at 220, 222, 226, 230, and 244 Westchester Avenue in Harrison, NY. RPW Group sold the 189,197 square-foot property to Pro Med Properties for $53.3 million.  The transaction is the largest commercial property sale year-to-date in Westchester County.

Built between 1967 and 1983, Harrison Court Medical Center is situated on 14.3 acres and located on the perimeter of downtown White Plains. There is also a pad site with the approval to build a 71,854 square-foot, four-story building located at 250 Westchester Avenue (adjacent to 244 Westchester Avenue).

“The final results of the sale demonstrate the fact that pricing is still moving upward for good quality assets,” said Robert Weisz, president of RPW Group.  “In a real estate market where there is simply not an abundance of product available for purchase, the offering drew strong interest from the investment community.”

Andrew Merin, vice chairman, and Gary Gabriel, executive vice president, of Cushman & Wakefield’s Capital Markets Group, together with Glenn Walsh, senior director and Tom O’Leary, senior director, in Cushman & Wakefield’s Westchester/Fairfield County region represented the seller and procured the purchaser.

“It is extremely gratifying to execute on behalf of our valued long term client in the midst of a challenging market for investment property sales,” said Mr. Merin. 

“This sale process demonstrated strong investor demand for well located medical office buildings in the post credit crunch environment,” said Mr. Gabriel.  “RPW successfully repositioned the park and brought it up to full occupancy, while the acquisition enabled Pro Med to meaningfully expand its footprint in the suburban tri-state area.” 

Collectively 97% occupied, the buildings range from a multi-tenanted four-story building to a single story, single-tenant building. Each building is unique which adds to the attractiveness of the offices for doctors and their patients, such as 220 Westchester Avenue with individual entrances for each of its six tenants.

The property offers frontage on I-287 and is located across from a 276 bed division of one of the region’s largest hospital systems, the New York Presbyterian/Cornell Medical Center. In addition, the site is two miles from the White Plains Hospital Center with 292 beds.