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Monday Properties and KPR Centers have refinanced an industrial distribution facility in Westchester County, securing a $19.5 million loan on 1 Half Moon Bay Drive in Croton-on-Hudson, NY. The property totals 118,911 square feet and is configured as a single-tenant industrial distribution asset. JLL Capital Markets arranged the refinancing on behalf of the joint venture ownership through Webster Bank, which originated the new debt.
The building is fully leased to U.S. Venture, described as a leading national distributor of tires, petroleum products and lubricants. The tenant is committed to the facility under a lease that runs through January 2032, providing long-term income visibility for the ownership. According to the sponsors, the property was purpose-built for tire distribution in 1995, aligning the physical plant with the tenant’s operating requirements.
Property specifications include 29-foot clear heights that support high-cube distribution uses, along with 10 dock-high loading doors and two drive-in doors that facilitate truck access and circulation. The facility’s location in Westchester County positions it within a regional distribution network while remaining tied to a single-tenant use.
Adam Carr, chief investment officer at Monday Properties, described 1 Half Moon Bay Drive as the type of asset the firm aims to own and operate, citing its location, purpose-built design, strong tenant and long-term lease as elements that support durable cash flow. His comments underscore the sponsors’ focus on industrial properties with established tenancy and specialized build-outs.
The JLL Capital Markets Debt Advisory team for the refinancing was led by managing director Jillian Mariutti. On the lending side, Webster Bank’s effort was led by senior managing director Michael Savarese. The transaction highlights continued engagement by bank lenders and institutional debt advisors in financing fully leased, single-tenant industrial assets.
The post Monday Properties, KPR Refinance Fully Leased Westchester Industrial Facility appeared first on CRE Market Beat.
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