Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: AVISON YOUNG marketing Rockaway Beach apartment complex for $29 million

● CBRE
Greenwich CVS building sold for $30M

CBRE announced that it has arranged for the sale of a 10,695 s/f CVS located at 99 Greenwich Avenue in Greenwich, Connecticut. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners along with Will Pike of CBRE’s Net Lease Property Group, represented the owner, Midwood Investment & Development, in the sale and also procured the buyer, an institutional investor, who acquired the property for $30 million.

99 Greenwich Avenue is a single-tenant retail building NNN leased to CVS through January 2038, providing long-term, stable income. The property is located on Greenwich Avenue, known as the “Rodeo Drive of the East”, in the high demographic town of Greenwich. This half-mile, upscale retail corridor includes 78 stores, including high-end retailers such as Saks Fifth Avenue, Tiffany & Co., Gucci, Hermes, Vineyard Vines and Restoration Hardware, as well as 17 restaurants. CVS renewed its lease effective in 2018, affirming a commitment to the property.

Dunne commented, “The property provided a unique opportunity to purchase a high volume, long-term CVS in one of the most prestigious retail markets in the U.S. CVS’s lease through 2038 combined with 10 percent rent bumps every five years, will provide the purchaser with stable income for years to come.”

● ABS PARTNERS
Midtown office building sells for first time in almost 40 years

ABS Partners Real Estate announced that is has arranged the $37.25 million sale of 62 West 45th Street, a 12-story, mid-block Class B office building located just east of Avenue of America’s Corporate Row that had been privately owned for nearly 40 years. ABS’ Alan S. Cohen, Jay Caseley, Steven Hornstock and Alex Warner represented seller 62 West 45th Street Associates, LLC in the transaction.

“In a market where there is still a dearth of building sales, we were delighted to have played an integral role in this transaction,” said Mr. Cohen, a Partner and Executive Managing Director of ABS Partners Real Estate. “This building is perfect for small to mid-size companies looking for a full-floor presence in Midtown, for which we’ve seen a tremendous uptick in demand for.”

The 55,800-square-foot building, which is located between Times Square, Rockefeller Center, Bryant Park and Grand Central Station, features windows on three sides that provide a tremendous amount of light and air to each floor, a newly renovated lobby and elevators, and ground floor retail with 11 office units above. The building is suitable for repositioning as a boutique office space and there are 4,741 s/f of development rights on the lot.

● AVISON YOUNG
Rockaway Beach apartment complex available for $29 million

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The Tri-State Investment Sales Group for Avison Young has been named exclusive agent to market the Shore View Apartment Complex located on 9202-9280 Holland Avenue in the Rockaway Beach neighborhood of Queens. The complex includes 92 residential units along with a laundromat across 110,667 s/f. It has assumable debt and a regulatory agreement running through the period of the 421A Abatement, which lasts through 2030. The asking price is $29 million.

The apartment complex is being marketed on behalf of ownership by an Avison Young team comprised of Principal and Head of Tri-State Investment Sales James Nelson, Associate Directors Fritz Richter and Sam Schertz, and Associates Allan Fries, Joseph Rosenfeld, and Alexandra Marolda.

“The Shore View Apartment’s value has been enhanced by the new development and rejuvenation efforts in the Rockaways following Hurricane Sandy,” said Nelson. “The property’s location is flourishing, making it an excellent opportunity for both residents and investors, and we’re pleased to market such an exceptional property.”

The apartment complex has parking for 62 cars and is walking distance from the A and S trains. Although it is also walkable, there is a nearby shuttle to the New York City Ferry System, which provides access to Manhattan and the rest of the city. JFK International Airport is 20 minutes away by car.

● JLL
Camber, Advance sell NJ industrial complex

JLL has announced that it has closed the recent sale of 19 Chapin Road, a four-building, core-plus light industrial portfolio totaling 529,110 s/f in the Morris County community of Montville Township, New Jersey.

JLL marketed the property on behalf of the seller, partnership between Camber Real Estate Partners and Advance Realty Investors. A partnership comprising Cohen Asset Management, Inc. and Intercontinental Real Estate Corporation purchased the asset.

19 Chapin Road is 93.7 percent leased to a diverse mix of 11 local and international corporations spanning industries such as light manufacturing, aerospace and defense, shipping and healthcare services. Completed between 1999 and 2000, the rear-loading buildings offer 88 total loading positions, including 76 dock-high doors and 12 drive-in doors; clear heights ranging from 20 to 22 feet; and ample car parking.

Located on 129 acres along US Route 46, 19 Chapin Road is approximately two miles from the intersection of Interstates 80 and 280 and less than five miles from Interstate 287, which, together, provide access across New Jersey and into New York, Pennsylvania and Delaware. Additionally, Newark Liberty International Airport and the Port of New York and New Jersey are both 23 miles from the property.

The JLL Capital Markets team representing the seller included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato.

“We continue to see very strong demand from the investment community for industrial product in Northern New Jersey, and, specifically for this asset, the location and tenant mix helped to drive pricing,” Cruz said.

● GEBROE HAMMER ASSOCIATES
NJ apt. development sold for $23M

Within one of Middlesex County’s highest income-growth neighborhoods, Gebroe-Hammer Associates has arranged the $23 million sale of 100 apartment-home units at Waterside Villas, an 55+ community located at 1 Overlook Dr., in historic Monroe Township, N.J. The transaction was arranged by Adam Zweibel, senior vice president, who exclusively represented the seller, Olive Tree Management, and procured the buyer, Sela Properties.

“The buyer was drawn to Waterside Villas’ prominence and the vibrant neighborhood’s highly educated 55+ age demographic as well as a nice mix of other age groups, which render it extremely retiree and family friendly,” said Zweibel, who represented the seller in acquiring the property just two years ago and noted 80 percent of the age 35+ population is over the age of 55 market-wide.

Built in 2009, the three-story elevator building is nestled within southeastern Middlesex County, the second largest of nine geographic Central New Jersey submarkets where little-to-no new construction of multi-family product is planned despite the metro’s low vacancy rates.

Offering a total of 31 different open floorplan options, ranging from 700 s/f to 1,160 s/f, Waterside Villas include condominium-style kitchen and bath finishes, air conditioning and full-size washers and dryers. Dens, patios/balconies and waterside views are available in select units. On-site conveniences range from a fitness center and ample parking to dry cleaning and housekeeping services, a covered outdoor patio and a BBQ area.

● GFI REALTY SERVICES
GFI marketing Harlem retail package

GFI Realty Services, LLC today announced that it has been named the exclusive sales agent for 1325 & 1330 5th Avenue, a 33,047 s/f retail condo package located along 5th Avenue, one block north of Central Park. The retail condo package is comprised of thirteen occupied units, including Maxwell’s Central Park restaurant and Birch Coffee.

The asset resides at the base of two newly renovated luxury six-story elevator condominium buildings, known as The Fifth Avenue. The twin buildings are ideally located steps from Central Park and just north of Museum Mile. The retail condo occupies both sides of Fifth Avenue with each building featuring a total of 200 feet of Fifth Avenue retail frontage.

GFI Realty managing partner Matthew Sparks will oversee the sale of the package, with pricing targeted at $19.5 million.

“Over time an investor will be able to create a lifestyle retail destination,” said Sparks.

The location is near the 2, 3, & 6 subway lines, various bus routes and Citi Bike stations.

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