Partners head to Jersey Shore for mall buy
The Hampshire Companies, along with joint-venture partners MCB Real Estate, LLC and One Liberty Properties, Inc. have acquired a 318,100 s/f retail center in Manahawkin, N.J.
The seller was ACI Manahawkin, LLC. The sale price was $42,25 million.
The Manahawkin Commons, which is anchored by K-Mart, TJ Maxx and Regal Cinemas, is 95 percent leased.
The high-volume shopping center is located directly off Route 72 West close to the affluent New Jersey shore town, Long Beach Island.
“The purchase of this multi-anchor retail center is ideal for our long-term portfolio strategy, as the Manahawkin Commons already boasts great visibility and high traffic in a desirable location, but also has plenty of potential as a value-add property with the additional opportunity for 12,500-square-feet of pad-site development,” said Robert Schmitt, principal in The Hampshire Companies.
“MCB Real Estate and One Liberty Properties, Inc. provide first-rate operational and institutional partnerships to ensure strong returns for our investors.”
Senior managing director of HFF, Jose Cruz, represented The Hampshire Companies in the transaction.
Cruz along with managing director Kevin O’Hearn and real estate analyst, Robert Borny, of HFF represented the seller.
Buyer looking to be part of Harlem retail boom
Harbor Group International has sold a 5,046 s/f retail property located at 246-248 West 125th Street in Harlem for $16.5 million.
HGI acquired the property in October 2012 for $10.25 million.
“HGI continues its commitment to New York City’s real estate market and we are actively investing in street-level urban retail properties in top markets throughout the U.S. and abroad,” said T. Richard Litton, Jr., president of HGI.
“The performance of the Harlem property provides further validation of our investment strategy which includes retail acquisitions in markets such as New York City, Washington, D.C., and London, U.K.”
The buyer is LargaVista Companies, a real estate development, investment and management company headquartered in New York City.
246-248 West 125th Street is a single story net leased retail building constructed in 1973. It is fully leased to two tenants, City of Gold and Children’s Place, with long-term in place leases.
Located across the street from the famous Apollo Theatre, 246-248 West 125th Street is located in the center of the heavily trafficked 125th Street retail strip.
“LargaVista’s real estate investment portfolio consists of assets with substantial long term growth and development potential. The 125th St corridor is uniquely positioned for substantial continued investment and we are excited to be a part of that,” said LargaVista’s CEO Marcello Porcelli.
Tribeca office condo fetches $48M
JMC Holdings sold a Tribeca office condo it bought for $18.5 in 2012 to LaSalle Investment Management for $48 million
The real estate investment company led by Matthew Cassin and David Taylor spent $6.5 million renovating the 34,742 s/f space at 99 Hudson Street before leasing it to Unilever and the NYC Regional Center.
“We achieved an excellent return for our investors with the sale of 99 Hudson Street,” said Cassin.
“Our business plan also effectively established one of the best office spaces in the neighborhood, which we know will be maintained by LaSalle Investment Management.ˮ
The investor said JMC had been able to capitalize on a booming Midtown South office market creating upward pressure on the Hudson Square, SoHo and TriBeCa neighborhoods for high-quality, loft-style spaces.
The office penthouse on the top three floors of 99 Hudson Street features 12-foot ceilings and Hudson River-views.
JMC Holdings purchased the penthouse from the NAACP and subsequently made renovations that included a new roof deck, bathrooms and common areas, as well as helping tenants with custom build outs.
Kevin Donner of Eastdil Secured led the sale on behalf of JMC Holdings, while LaSalle Investment Management represented itself in the transaction.
Emmut sells Harlem site
Friedman-Roth Realty Services has sold the same East Harlem building for the second time im two years.
Partner Richard T. Guarino helped Emmut Properties puirchase 1985-1991 Third Avenue for $10 million in 2013.
Thie week, Friedman Roth announced that Guarino has sold the property on behalf ofr Emmut for $16 million, or $246 psf.
The property sits on the corner of East 109th street and has over 100 feet of frontage on Third Avenue, with a strong retail component, and “a tremendous amount of value-add residential development.ˮ
Emmut Properties converted the property to development-ready site which has just over 30,000 s/f of existing, and nearly that amount in useable air-rights.
Lily Ren of Friedman-Roth Realty Services, procured the purchaser.
It was a busy week for guarino, who also brokered the sale of a fully leased 46,000 s/f medical office building in the Wakefield Section of the Bronx, NY.
The site – which sits on a full acre of land – sold for $11,000,000, or $239 psf.
Two Gold Coast development sites sold
Great Neck, NY-based investment firm Strategic Capital has purchased two development sites on the Hudson River waterfrotn.
Holliday Fenoglio Fowler, L.P. brokered the sale of 75 Park Lane and 2 Shore Drive North, two sites totaling 1.85 acres, on behalf of the seller.
Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction.
The development sites are located in the Newport section of Jersey City directly across the Hudson River from lower Manhattan.
The location is steps from the Hudson River Waterfront Walkway and is close to the Newport PATH station.
75 Park Lane is approved for a 37-story condominium building. Shore Drive is approved for a seven-story condominium building.
Combined, the two will bring a total of approximately 608,000 s/f of residential space and 24,000 s/f of retail space to Newport.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, and senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios and associate director Stephen Simonelli.
“Jersey City has become known as the ‘Sixth Borough’ or ‘Wall Street West’ and is widely regarded as one of the best condominium development sites in the region,” said Cruz.
“Continued low interest rates, scarcity of for-sale product and attractive condominium prices compared to Manhattan will ensure that 75 Park Lane and Shore Lofts are well-received in the market.”
MRC buys One Hanson condo
Madison Realty Capital has acquired a 41,400 s/f retail condo within the landmarked One Hanson Place building in the Fort Greene neighborhood of Brooklyn for $20.4 million.
MRC completed the transaction in a joint venture partnership with private equity investment firm Siguler Guff. The property sits at the base of the 41-story, 512 ft. tall One Hanson Place, built in 1927 and the one-time headquarters for Williamsburg Savings Bank.
It’s also one of the most recognized buildings on the downtown Brooklyn skyline.
Following a renovation program which was completed in 2008, the top 33 floors were converted to residential condominiums with the lower floors designated towards commercial use.
The retail property contains roughly 17,000 s/f of ground floor space with a 63 ft. vaulted mosaic ceiling. It also includes 16,000 s/f of both usable and storage cellar space, and 8,400 sf of mezzanine space, including two private office suites.
MRC will be leading the effort to reposition and modernize the currently vacant property into a premium retail asset through a dedicated capex program and then lease the space to either a single tenant or several long-term tenants.
“One Hanson Place is a Brooklyn architectural treasure and we are pleased to be involved in the next chapter of such an iconic property,” said Joshua Zegen, co-founder and Managing Member of MRC.
“MRC is also excited to expand its footprint within the heart of Downtown Brooklyn, given the strength of existing fundamentals and further growth potential. We believe that retail demand in the area will continue to strengthen.”
The adjacent Atlantic Center Mall is home to some of the highest grossing retailors in the country, with tenancy estimated to generate sales between $500 psf to above $1,000 psf.
There are also over 3,300 residential units currently under construction with another 9,000 units and an estimated 850,000 s/f of new retail space in the development pipeline in Downtown Brooklyn.
Slice of East Coast Rodeo Drive for sale
Cushman & Wakefield has been retained on an exclusive basis to sell the Greenwich Avenue Portfolio, consisting of five properties in Greenwich, Connecticut.
The five properties total 31,867 s/f and are situated on the top of Greenwich Avenue, one of the premier shopping streets in the United States and dubbed the “Rodeo Drive of the East.”
“The properties represent a unique opportunity to own the only portfolio of five buildings and are surrounded by numerous high-end retailers such as Hermes, Apple, Saks Fifth Avenue and Tiffany & Co.,” said Al Mirin, Executive Director, who is exclusively marketing the property with Kate Schwartz and Tom O’Leary.
4-14 West Putnam Avenue is a three-story retail/office residential building that contains 8,917 s/f and is leased to three office tenants, four residential tenants and three retail tenants.
2-10 Greenwich Avenue is a four-story retail building leased to two retail tenants. 42-44 Greenwich Avenue is 5.425 s/f three-story retail/office/residential building leased to AT&T and one residential tenant on the third floor.
48 Greenwich Avenue is a three-story retail/office/residential building leased to Pasta Vera and one residential tenant. 88 Greenwich Avenue is a three-story retail/residential building
Investor makes multifamily buy
Connecticut-based Hamilton Point Investments has acquired a $13.4 million apartment community in South Carolina.
819 Arklow Drive Rock Hill, was sold by JMG Realty. Cushman & Wakefield of Georgiarepresented the seller.
Cushendall Commons is a 168-unit apartment property built in 2002 and located directly off of the I-77 corridor, 24-miles south of downtown Charlotte, NC.
Hamilton Point Investments has plans to make modest interior and exterior upgrades at the property over the coming year. Occupancy at the time of the sale stood at 98.1 percent percent.
Matt Sharp, co-founder and managing principal, said, “we are buying at well below replacement cost for 2002 construction in a fast-growing submarket.
“Buying fairly new assets at below replacement cost in growing markets is really the main focus of our investment funds.”