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Deals & Dealmakers

SELLING POINTS: CBRE marketing last-mile site; CT shopping center has $48M price tag

Last-mile site hits LI market

CBRE is marketing 60 acres of divisible land in the Brookhaven Technology and Logistics Center, a 300-acre mixed use parkin Shirley, N.Y. (pictured top)
Chris Stack, of CBRE’s Long Island office, is overseeing the marketing effort for the site on behalf of the owner, the Pennsylvania-based Pitcairn Properties.
According to Stack, the site is well suited for warehouse/distribution and light manufacturing/R&D. “Given the enormous population growth and development on Long Island’s east end, the areas served by Exit 68 are seeing a heightened interest from companies that provide last-mile delivery services,” said the broker.
“There are very few infill development sites left on Long Island and most competitive sites do not offer the same potential for right-sized distribution center development as Brookhaven Technology and Logistics Center, while also providing fast delivery time to such a large and affluent population.”
Zoning at the industrial park allows for a rail spur to be built. The site itself has 2,500 linear feet of frontage facing the LI expressway and is accessible to over seven million people that live and work within a one-hour drive.

Castle Rock selling CT mall

New Jersey-based Castle Rock Equity Group is selling a 311,290 s/f shopping center in Meriden, CT.
The investment firm has tapped Avision Young to market the fully-leased Townline Square for $48.5 million.
Located at at 533 South Broad Street (Route 5) in Meriden, the power center consists of 31 retail suites with a mix of prominent tenants, including Marshalls, Michael’s, Burlington Coat Factory, Edge Fitness, Pier 1 Imports, Skechers, PetSmart, Big Y and McDonald’s.
The Avison Young team includes Sean Cahill, principal and managing director of the Fairfield/Westchester office, and Alison Luisi, senior associate. They are working in conjunction with Avison Young’s New York Investment Sales unit, including James Nelson, Brent Glodwowski, Erik Edeen and Willis Fries.
“This premier Connecticut property is a fully stabilized, high-quality asset in a strategic location, offering an attractive opportunity to buyers looking for a turn-key retail investment,” Nelson said.
“There is still a strong demand to own quality, grocery-anchored power centers such as Townline Square and the 7.6 percent cap rate will drive significant interest from investors seeking high stabilized returns.”
Cahill added, “We are seeing continued demand in the Connecticut market for large institutional grade centers like Townline. In Norwalk, the SONO Collection mall construction is well under way, and there aren’t many states that can boast that they are building new malls these days.”

Vornado bulks up on Penn Plaza holdings

Vornado Realty Trust announced that it has increased its ownership interest in its Farley Post Office joint venture with the Related Companies to 95 percent by acquiring an additional 44.9 percent from Related.
The purchase price was $41.5 million plus the reimbursement of costs funded to date.
Vornado is the managing partner. Related will continue to jointly develop and lease the property.
Related, Vornado, Skanska USA and Skidmore, Owings & Merrill are converting the Farley Building into the Moynihan Train Hall, adding over 250,000 s/f for Long Island Rail Road and Amtrak passengers.
The new Penn-Farley complex will add 700,000 s/f of commercial, retail and dining space as part of a $1.6 billion redevelopment scheduled to be completed by the end of 2020.
The transaction adds to Vornado’s nine million square foot Penn Plaza holdings.

Bathhouse Studio sold

The one-time studio of photographer Eddie Adams has been sold for $16.25 million.
A team from Cushman & Wakefield sold 538 East 11th Street, a 14,000 s/f multilevel studio and event space on behalf of Alyssa Adams. An LLC purchased the property
Michael DeCheser, Andrew Berry, Mei Ling Wong and Bryan Hurley led the marketing efforts for the former public bathhouse building in 1904. Pultizer Prize-winning Adams converted into a studio in 1995.
“Bathhouse Studios is a one-of-a-kind multilevel space with a rich history,” said DeCheser. “The property is the only first-class freestanding building in the neighborhood featuring an expansive studio, event space, fully renovated residence and landscaped roof deck. ”

Hakimian to redevelop Harlem property

The New York office of Avison Young announced the sale of two Manhattan properties for $17 million.
A Tri-State Investment Sales team led by James Nelson, along with Brandon Polakoff and Toku Saito, represented the seller in a bankruptcy proceeding and procured the buyers.
A joint venture between The Hakimian Organization & Certes Partners, along with investment partner Red Pine Capital Partners, purchased a four-story, 15,450 s/f, commercial building at 212-216 East 125th Street in East Harlem for $10 million.
Adam Hakimian from The Hakimian Organization said the acquisition was “an opportunity to redevelop a property within the rapidly-evolving landscape on East 125th Street in Harlem.”
“Our venture is well poised to unlock the value from this long under-utilized asset,” added Red Pine’s Michael Federman.


Elan Hakimian of Certes Partners priased the AY team for “bringing this complex bankruptcy acquisition to the finish line.”
In the second transaction, developer Station Companies purchased a vacant development site at 14 Second Avenue, between Houston and First Streets in the East Village. The site, which affronts a city park, sold for $7 million and offers 15,042 buildable square feet as of right.
Daniel Vislocky of Station Companies said his firm plans to build a 10-story residential building with full-floor luxury condominium units on the property.

Mixed-use Seaport building offered for $13M

A historic Seaport building once used as a factory for sewing ship sails, is being offered for sale.
The New York Investment Sales Group for Avison Young is marketing 115 South Street, a five-story, mixed-use building. The asking price is $13,250,000.
James Nelson, Erik Edeen, Brandon Polakoff, Philip Bowman and Bradley Rothschild are on the team representing the seller who renovated the property, which contains seven residential units and one retail unit.
“This is a unique opportunity for an investor to own a celebrated residential and retail building in one of New York City’s most historically-rich and well-preserved neighborhoods,” said Nelson.
“The history of the South Street Seaport dates back centuries and due to recent revitalization efforts on behalf of major corporations, it’s now a highly attractive place to live, work and play.

Larken continues to expand portfolio

Larken Associates has acquired The Village at Hawk Pointe, a New Jersey medical office and retail property, for $16.2 million.
HFF brokered the sale of the 106,000 s/f asset — which includes The Village Shoppes at Hawk Pointe and Hunterdon Healthcare Medical Center — on behalf of Asbury Farms.
Located in Washington Township, the three-building complex includes an 81,415 s/f retail center anchored by a successful ShopRite.
A 25,000 s/f single-tenant medical office building is fully leased by Hunterdon Healthcare.
“Our team is excited to have acquired such a high value grocery-anchored asset in northwest New Jersey,” said Robert J. Marek, EVP of Larken Associates’ Commercial Real Estate Division. “We are committed to expanding and extending our portfolio with diversified investments throughout the tri-state area.”

● Marcus & millichap
Glick grabs Yorkville opportunity
GPG Properties LLC, the recently-launched investment arm of the Glick family portfolio, has closed on 312-314 East 91st Street in Yorkville.
Located between First and Second Avenues, the five-story, circa 1910 residential building has 30 rental units, ranging from studio through four-bedroom apartments.
“This is an exceptionally stable asset that is consistent with many other properties in the Glick family portfolio,” said Jason Glick, Managing Partner, GPG Properties. “We are sure we can efficiently manage the property and position the asset for long-term hold.”
Randy E. Glick, president, Mautner-Glick Corp, added, “Mautner-Glick has managed multi-family assets on the Upper East Side for nearly six decades. This was a not-to-miss opportunity for the portfolio.”
The brokers representing the seller was Joe Koicim, Peter Von Der Ahe, and Daniel Handweiler of Marcus and Millichap. The buyer was self-represented. The purchase price was $12.5 million.

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