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Deals & Dealmakers

Selling points: Garden City retail center trades for $24M, CT shopping center fetches $42M

Marcus & Millichap

Retail center trades for $24M

Marcus & Millichap announced the sale of 2350 Jericho Turnpike, a newly developed retail center occupied and tenanted by LA Fitness, The Vitamin Shoppe and Noodles & Company in Garden City Park, New York.

Steven J. Siegel and Michael Kook of the firm’s Manhattan office brokered the sale at $23.6 million.

The property consists of a build-to-suit, two level 32,500 s/f freestanding retail health club building, LA Fitness, and one, single-story 6,000 s/f retail building, occupied by Noodles & Company and The Vitamin Shoppe, with approximately 240 surface parking spaces.

The new development, situated on a four-acre lot, is located on Jericho Turnpike in Nassau County.

LA Fitness occupies the building on a new, 20-year Double Net (NN) lease, and Noodles & Company and The Vitamin Shoppe occupy a new 15-year NN lease.

“Garden City’s established affluence, density and prime location make the retail property a strong investment opportunity,” said Siegel.

Rouse Properties

CT shopping center fetches $42M

New York-based Rouse Properties has expanded its footprint into the Northeast with the acquisition of The Shops at Somerset Square, a 115,000 s/f lifestyle shopping center in Glastonbury, Connecticut, for $42 million.

The shopping center features a retail lineup comprised of numerous best-in-class fashion, beauty and dining brands in an outdoor town square environment. Seller was The HB Nitkin Group.

“The Shops at Somerset Square is a compelling addition to our portfolio, as it allows us to enter the fundamentally strong Northeast market and add another dominant retail center where we have the opportunity to create additional value by enhancing the merchandising mix and shopping experience,” said Brian Harper, CEO of Rouse.

“We are excited to join the Glastonbury community and look forward to applying our proven operating and management expertise to further enhance the shopping and social environment for the many customers and families throughout Central Connecticut.”

Kalmon Dolgin Affiliates

Gowanus site offered on 99-year lease

A team led by James Dario of Kalmon Dolgin Affiliates is marketing a 99-year ground lease on a Gowmanus development site.

The family-owned, four-building site comprises 20,000 s/f with over 125ft. of frontage along Second Avenue and over 180 ft. along 14th Street in Gowanus. The site has an FAR of 2, allowing for development of up to 40,000 s/f

Owned for more than 100 years by the Ranieri family, who have operated building supply operations at the site, the property is convenient to the Gowanus Expressway and within walking distance to the Prospect Avenue N, R and D subway lines.

“The Gowanus and nearby Park Slope neighborhoods have seen an influx of residential, retail, restaurant and other commercial development in recent years, and this parcel would be perfect for a variety of uses, including a restaurant/beer garden that could make use of an expansive courtyard accessible by two of the existing structures,” said Dario, who noted the M2-1 zoning currently precludes residential development.

“The property would also be a good fit for restaurant and building supply businesses, self-storage use or even music, art and film studios that have been popping up throughout the borough.”

Compass

Penthouse package at W Downtown

Six penthouses on 55th and 56th floors of the W New York Downtown are being offered as a bulk sale.

Located at 123 Washington Street, The Residences at the W New York Downtown is the first and only W Hotel with condominium residences in Manhattan. The building was developed by the Moinian Group.

William Stafford IV, the Compass associate broker and sales director of the W Residences, said, “The ideal buyer of these six units is an investor, international corporation or local business needing world class apartments with hotel services for their executives or visitors to the city.”

Individual units are priced from $2.5 to $4.875 million and include one- and two-bedrooms.

Cushman & Wakefield

Kessner family sells Harlem property

Cushman & Wakefield sold a mixed-use retail and office building at 145 East 125th Street in Harlem for $27 million.

Robert M. Shapiro handled the sale with Bob Knakal and Jonathan Hageman. The sellers were the Kessner family with Steven and Michael Kessner running the transaction.

“We received a tremendous amount of interest from investors. Being located on top of the Lexington Avenue subway line, on the corner of 125th Street, makes this asset truly one of a kind, ” said Shapiro.

The six-story elevator building is fully occupied and totals 35,970 gross square feet. The building consists of three ground floor retail tenants and one office tenant. McDonald’s occupies the corner retail space and Franklin Check Cashing and Dunkin’ Donuts occupy space along Lexington Avenue.

The Salvation Army has signed a lease to occupy the building’s five upper floors.

Rosewood Realty

Four sale

Rosewood Realty Group announced it has closed a four-building retail sale in the Homecrest neighborhood of Brooklyn for $12.1 million.

The 19,300 s/f portfolio consists of four contiguous buildings built in 1971.

They include 1805-1811 Avenue U; 1815 Ave. U; 1817 Ave. U and 2073-2075 East 18th Street in Brooklyn.

1815 and 1817 Ave U are two-story buildings with Dunkin Donuts and Baskin Robbins located on the first floor and offices on the second floor. 2073-2075 East 18th St & 1805-1811 Ave U, are one-story buildings with a discount clothing and a Sprint store.

The buildings had a cap rate of 5.5 percent.

Rosewood Realty’s Michael Guttman represented both the seller, Embkay by Select LLC, and the buyer, 325 Realty Inc. Rosewood Realty Group’s Jacob Setton also represented the buyer.

Colliers International

Forstone buys Stamford office asset

Colliers International orchestrated the sale of 750 East Main Street in Stamford, CT, to Darien-based Forstone Capital.

The 103,367 s/f Class A office asset was purchased for an undisclosed amount in an off-market transaction.

Al Gutierrez, an executive managing director, and Enzennio Mallozzi, a managing director in Colliers’ Stamford, Conn., branch, as well as Cynthia Foster, president, office services USA in Colliers’ New York City office, represented the seller and procured the buyer.

“A fully amenitized product such as this will allow Forstone Capital to bring to market a competitive alternative in the Stamford CBD market,” said Mallozzi.

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