● Institutional Property Advisors
Westchester condos
sell in bulk
Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap serving institutional and major private investors, has arranged the bulk sale of the remaining 90 units in Tower I at Monarch at Ridge Hill, a 163-unit luxury condominium complex located in the heart of Westchester County.
The sales price of $26.5 million equates to $294,712 per unit.
IPA senior vice president investments Victor Nolletti, IPA senior vice president investments Steve Witten and Jacob Levy, a Marcus & Millichap first vice president investments, advised the seller, Horizon at Ridge Hill LLC. Nolletti, Witten and Levy also advised the buyer, UOB Eagle Rock Multifamily Property Fund LP. J.D. Parker, first vice president in Marcus & Millichap’s Manhattan office, is the firm’s broker of record in the state of New York.
Built in 2007, Monarch at Ridge Hill is located just 11 miles from the George Washington Bridge and only 16 miles from Manhattan’s Upper West Side.
Monarch at Ridge Hill is a “New Urbanism” residential development that combines traditional planning and modern technology. Nestled within a hilltop village with sophisticated shopping, dining and entertainment, the property is set in a pedestrian-friendly neighborhood with a mix of open spaces, everyday conveniences and activities within a five-minute walk. The mid-rise steel, concrete and glass building features high-quality luxury interior finishes, expansive residences with private balconies and spectacular views.
Tower I is part of a master development that provides walking access to healthcare, Whole Foods, high-end retail stores and restaurants of every variety.
● CBRE
Utica shopping center
sells for $60.5M
Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented NG Riverside Center and Riverside SPE Member, entities affiliated with Nightingale Properties, in the entity sale of Riverside Center in Utica, New York for $60.5 million. The team was also responsible for procuring the buyer, a private investor.
Riverside Center is an approximately 722,084 s/f regional retail center located at the four-way interchange of Routes 5, 8/12 and 49 off the New York State Thruway (Interstate 90). The Center’s nexus location and complementary national tenant mix creates a power center that draws from a wide region. Riverside’s stable in-place income is highlighted by 95 percent of total revenue coming from strong credit anchors and national tenants, including Walmart, Lowe’s, BJ’s Wholesale Club, Burlington Coat Factory, Tractor Supply and Bass Pro Shops, which is expected to open in October.
Dunne commented, “Riverside’s stable rent roll, highlighted by long term leases with national tenants, offers strong in-place cash flow and future NOI growth through further lease-up. The recent renewals completed with Lowe’s and BJ’s Wholesale Club, coupled with the new lease completed with Bass Pro Shops, have affirmed the Center’s regional dominance and strong demand among national retailers.”
● keystone property group
JV buys Philly portfolio
A joint venture led by Keystone Property Group announced that it has closed on its acquisition of 15 institutional-quality commercial office properties and three land parcels located in key suburban Philadelphia submarkets for approximately $233 million.
The acquisition adds approximately 1.7 million square feet of existing office space to Keystone’s portfolio and significantly expands the company’s presence in Pennsylvania, where Keystone has been headquartered and active since its inception in 1991.
Through the execution of a strategic reinvestment program, Keystone plans to modernize the office portfolio to enhance the quality of work life afforded to tenants. The partnership will also seek to develop the three land parcels – located in Lester, Media and Berwyn – which can accommodate future development of up to approximately 162,200 square feet in total.
“This acquisition is closely aligned with our core competencies as a long-time investor in well-located office properties where significant value can be created to achieve best-in-class work environments that meet the requirements of modern companies,” said Bill Glazer, President of Keystone Property Group. “Drawing on the strengths of our more than 20-year track record in the Pennsylvania market, our strategy is focused on realizing the full potential of these assets through the creation of vibrant, urban-inspired settings within the context of suburban office campuses.”
Added Glazer, “The institutional balance sheet and stewardship of Mack-Cali, coupled with the entrepreneurial platform of Keystone, positions the partnership strongly as we identify opportunities to further strengthen the portfolio, capitalizing on economies of scale and increased market penetration.”
The office properties included in the portfolio are located in key submarkets, several of which are situated along Pennsylvania’s Main Line.
