Ariel Property Advisors has announced the sale of the leasehold at 840 Westchester Avenue, a newly constructed commercial building in the Morrisania section of the Bronx, for $18.4 million.
The sales team of Victor Sozio, Scot Hirschfield, Jason M. Gold, and Shimon Shkury represented the seller, an affiliate of Columbus Pacific Properties, a national real estate investment firm based in California, and procured the buyer, a local investor seeking a 1031 exchange opportunity.
“This property illustrates the strength of the retail market in the Bronx and the cash flow that can be generated from retail sites in the borough, especially when compared to other investment opportunities in the city,” said Victor Sozio, vice president of Ariel Property Advisors.
“It also shows that there is demand for quality office space in the South Bronx.”
The two-story commercial property is in turn-key condition and features 174-feet of prime Westchester Avenue frontage, 53,705 s/f above grade space for four office and retail units, 24,300 square feet below grade for a 74-space parking garage, and 83,321 square feet of air rights.
“This property generates healthy cash flow from Class A tenants that include national retailers Rite Aid and Deals,” said Scot Hirschfield, vice president of Ariel Property Advisors.
“And, because the two offices are being leased to community-based organizations, the Children’s Health Fund and St. Dominic’s Home, more than 83,000 square feet of air rights are available for residential development.”
Located on the southeast corner of Westchester and Longwood Avenue, the building lies adjacent to the Prospect Avenue stop for the 2 and 5 subway lines.