Investment Overview

The subject property is a freestanding two-story building, with an area of 85,000 square feet, situated on a 76.5-year ground lease in Elmsford, a densely populated city in Westchester County, which is located only 20 miles from New York City. The site provides investors with a rare opportunity to redevelop in an area with increasing population growth, a high number of households, and a lack of available in-fill development space. In recent years, the retail sector has undergone significant disruption due to the rise of e-commerce and changing consumer preferences. This has resulted in tenants utilizing more space as on-site warehouses and return centers. The disruption has caused a reevaluation of space needs, and in some cases, developers have successfully converted former big-box retail spaces into storage spaces. However, the success of big-box redevelopment projects can vary depending on several factors such as the location of the property, the condition of the building, and the needs and preferences of local consumers. This site is influenced by all these factors. This large Bed, Bath & Beyond site offers ample square footage for potential redevelopment, and the local zoning and building regulations on this site support the likelihood of redevelopment. Furthermore, self-storage facilities typically require a low-rise building, which this building has the capability of. These factors make this opportunity attractive to potential investors.