Savills advises on $97M sale
Real estate investment banking firm Savills LLC advised a private Irish investment group on the $97.2 million sale of a 47-property, 157,000 s/f, net-leased bank branch portfolio in the New York City metropolitan area.
All of the properties are triple-net leased to Citibank under a long-term lease agreement. The portfolio was sold to Path Land Holdings LLC, an entity owned by a group of individual investors.
The properties are located in Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester, Suffolk and Nassau counties, all established communities with household incomes significantly above the national average.
“Net-leased properties are among the most highly coveted asset class in today’s capital market environment,” said Arthur Milston, managing director of Savills.
“This transaction offered a unique opportunity to acquire an assembled portfolio of assets with significant critical mass in the most dynamic and sought-after real estate market in the world.
The Citibank leases include an annual rent increase and that the portfolio was sold free of debt or mortgage financing.
● tommy hilfiger
REIT acquires distribution center
W. P. Carey Inc. , a real estate investment trust, has acquired the main European distribution center of the Tommy Hilfiger Group from its current landlord, Aspen Real Estate Investments BV.
The total acquisition cost for the facility was approximately $38.8 million.
The facility is subject to an existing net lease with Tommy Hilfiger Europe B.V. Headquartered in Amsterdam, Tommy Hilfiger Europe B.V. represents the European business of the Tommy Hilfiger Group.
In Europe, Tommy Hilfiger sells to more than 9,000 wholesalers and operates 118 retail stores and 43 outlet stores.
Since 2010, the Tommy Hilfiger Group has been owned by PVH Corp, one of the world’s largest apparel companies.
The facility is Tommy Hilfiger’s main logistics centre for all of Europe.
● MARCUS & MILLICAHP CAPITAL CORP.
Marcus & Millichap Capital Corporation (MMCC) has arranged financing for six retail and multifamily properties in New York and Connecticut.
Christopher Marks, an associate director in the firm’s Manhattan office, arranged the financing transactions totaling $7,162,000, including:
$1 million refinancing for a McDonalds retail location in Troy, New York. The loans was arranged at 3.95 percent, fixed for five years.
Marks and Kyle Young, associate at the firm’s Manhattan office, also arranged funding for a Hess Gas Station in Quogue, New York. The $1,627,500 refinance was arranged at a rate of 4.25 percent, fixed for 10 years.
Marks said all of the deals were placed with different regional banks and credit unions.
Top retailers talk shop
Faith Hope Consolo will welcome representatives from Jos. A. Bank Clothiers, ANN Inc. and BaubleBar to her SIG panel “Retail: The Next Wave,” at ICSC’s annual RECon meeting.
The panel takes place on Sunday, May 19, from 3:00 p.m. to 4:30 p.m. at the Las Vegas Convention Center. Registration is included in the RECon fee, but preregistration is required.