CT corporate center trades to Marcus Partners
Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the trade of Westport View Corporate Center in downtown Westport. Marcus Partners acquired the two-building office campus from Invesco Real Estate in a value-add play for its newest fund, Marcus Capital Partners Fund II.
Located on 4.5 acres at 8-10 Wright Street, Westport View Corporate Center offers views of the Saugatuck River and scenic Westport. It sits along Post Road West, within walking distance of downtown restaurants and retail; just 1.5 miles from I-95, the Merritt Parkway, and routes 33 and 136; and two miles from Metro-North’s Westport commuter rail station.“This offering was all about location,” said Cushman & Wakefield’s Gary Gabriel, who handled the transaction with Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt.
“Westport is a boutique office market catering primarily to local executives seeking an alternative to the New York City commute, and it consistently outperforms other regional submarkets. Within this context, Westport View Corporate Center is irreplaceable due to local regulations limiting commercial growth downtown to buildings with a maximum of two stories and 5,000-square-foot floor plates.”
Totaling approximately 84,000 square feet, Westport View Corporate Center is 58 percent leased. “The buildings have great ‘bones,’ with features including covered parking, polished marble floors, and an attractive campus setting with a courtyard,” Gabriel said. “This asset promises significant NOI through retenanting. At the same time, repositioning it will require some capital investment. Marcus Partners did a great job in terms of underwriting, rolling up its sleeves and being persistent in identifying the property’s potential.”
Marcus Partners plans a comprehensive renovation at Westport View Corporate Center, investing about $4 million to transform it into a best-in-class property by providing new, enlarged windows, from just above the floor to ceiling, to take full advantage of the panoramic views, and redesigning and upgrading the landscaping, parking decks, lighting, paving, entrances, and signage on the site.
Also being upgraded are the lobbies, elevators, restrooms and mechanical systems in the buildings. “When the transformation is complete, we expect 8 and 10 Wright Street will set the standard for excellence in office properties within the Westport community,” said David Fiore, principal in charge of Marcus Partners’ Metro New York office in Norwalk, CT.
Washington Heights “Palace Portfolio” sells for $30M
The Palace Portfolio, consisting of five apartment buildings at 633, 636, 642, 643, and 650 West 173rd Street, was sold in an all-cash transaction valued at $30,000,000. The properties are located between Broadway and Fort Washington Avenue just north of Columbia Presbyterian Hospital in Manhattan’s Washington Heights neighborhood.
The five walk-up buildings total 146 residential units and approximately 120,000 square feet. Of the 146 units, 133 are rent stabilized, two are rent controlled, eight are free market, and three are reserved for supers. The unit mix consists of 45 one-bedroom, 81 two-bedroom, 19 three-bedroom, and one four bedroomapartment. The sale price equates to approximately $250 per square foot.
The properties are well-maintained and have undergone exterior building renovations including painting, landscaping, and masonry work on the entry walkways. Many of the properties have undergone numerous major capital improvements including conversion to gas boilers and burners, roof renovations, pointing, new windows, and wiring.
“Bidding on these assets was highly competitive due to the tremendous upside in rents, superior west of Broadway locations and ability for an owner to purchase 146 units in one shot,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction with Thomas A. Donovan.
North Carolina shopping center snapped up by Time Equities
New York-based Time Equities Inc. (TEI), an international real estate investment, development and asset & property management firm with properties in 25 states, four Canadian provinces and Germany, announced today the acquisition of Monroe Crossing Shopping Center in Monroe, North Carolina. Acquired from Madison Marquette, the 379,630-square-foot center is located at 2107-2133 West Roosevelt Boulevard.
“Time Equities Inc. strives to acquire well-positioned retail centers in highly-trafficked areas with long-term upside. We were attracted to the strong leasing momentum and tenant productivity at the property,” said Ami Ziff, National Director of Retail with Time Equities Inc. “The successful completion of this acquisition marks our firm’s third enclosed mall and we continue to explore opportunities to maintain this momentum.”
Cushman & Wakefield, its Carolina’s-based affiliate Cushman & Wakefield | Thalhimer, and its Capital Markets Group represented the seller. TEI was handled in-house by both Ziff and Jonathan Kim.
Located in the heart of the major retail node of Monroe, with great visibility from Highway 74, the center boasts the top performing Belk’s “Flagship” store, which is one of the top 10 stores nationally. Other notable tenants include JC Penney, Sears, Hibbett Sports, Shoe Carnival, Buffalo Wild Wings, and Planet Fitness.
Midtown East hotel sells for $17.4M
A hotel development site at 710 Third Avenue, located between East 44th and East 45th Streets in Manhattan’s Midtown East neighborhood, was sold in an all cash transaction valued at $17,400,000.
Located in a C5-3/MiD zone, the approximately 25’ x 95’ site allows for a maximum of approximately 35,625 buildable square feet, based on the 15.0 FAR.
The property was delivered vacant, and the sale price equates to approximately $488 per buildable square foot.
The site offers convenient access to Grand Central Terminal, the United Nations, and Times Square and is surrounded by shopping, corporate headquarters and landmarks.
“This purchase was made by an out of town buyer getting started in New York City, so the location near Grand Central and the deal size made this an ideal choice for them,” said Massey Knakal’s Clint Olsen, who exclusively represented the seller in this transaction. The buyer was represented by Limor Nesher of Core.