Monday Properties and KPR Centers announced the $19.5 million refinancing of 1 Half Moon Bay Dr., a 118,911-square-foot single-tenant industrial distribution facility in Croton-on-Hudson, N.Y. JLL Capital Markets arranged the financing on behalf of the joint venture through Webster Bank N.A., the Stamford, Conn.-based financial services company.
The property is 100% leased through January 2032 to U.S. Venture, a national distributor of tires, petroleum products and lubricants. 1 Half Moon Bay Drive was purpose-built for tire distribution in 1995 and features 29-foot clear heights, 10 dock doors and two drive-in doors.
“1 Half Moon Bay Drive exemplifies the type of asset we seek to own and operate — a well-located, purpose-built facility with a strong, committed tenant and a long-term lease that provides durable cash flow,” said Adam Carr, chief investment officer, Monday Properties. “U.S. Venture’s continued presence here reflects the strategic value of this location and the quality of the asset, and we remain focused on delivering the same high standard of management that has made this a stable, high-performing property within our portfolio.”
Located along U.S. Route 9 in Westchester County, the property benefits from immediate access to major regional transportation routes, including I-287, I-87 and the Taconic State Parkway, providing connectivity to New York City and the broader Northeast logistics network.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jillian Mariutti. Webster Bank originated the financing, led by Senior Managing Director Michael Savarese.
“Given the property’s strong tenancy, long-term lease profile and location within one of the most supply-constrained industrial corridors in the New York metro area, we saw significant interest from a wide range of lenders,” said Mariutti. “Banks, life companies and other institutional lenders were particularly attracted to the combination of durable cash flow, high-quality sponsorship and the continued strength of the Westchester industrial market, which continues to benefit from limited new supply and sustained demand for last-mile distribution.”
