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Deals & Dealmakers

SELLING POINTS: Cohen Equities’ $100M shopping spree; Waterbridge Capital buys Broadway building

Cohen Equities acquires $100M in retail across U.S.

Cohen Equities, a New York City-based commercial real estate firm, announced that it recently acquired six retail properties across the U.S., contributing to a total of $100 million in new assets in 2014. In total, the firm has purchased 26 properties in 13 states across the U.S. since its launch in 2012.

The Meadows at Lake St Louis
The Meadows at Lake St Louis

To date, the company has acquired properties in Missouri, Pennsylvania, North Carolina, South Carolina, Georgia, Arizona, New York and Maryland, among others. The most recent acquisitions include:
The Meadows at Lake St. Louis, a 344,201-square-foot shopping center in a western suburb of St. Louis. There is currently 70,000 square feet available at asking rents in the $30s per square foot. The Meadows also includes a development site totaling 12 acres with 150,000 square feet in air rights – prime for movie theater, hotel and additional retail development. The Meadows at Lake St. Louis are just off I-64 and U.S. 40, making the shopping center a prime location and a sought-after destination for national retailers, eateries and non-stop entertainment.


West Village commercial building goes for $106M

Investment and development firm Brack Capital Real Estate announced the closing of 627 Greenwich Street, a 12-story commercial building in the heart of Manhattan’s West Village, for $106 million.
627 Greenwich Street is a 106,400 square-foot vacant building located between Leroy and Morton Streets. The building is situated in heart of the west village, in close proximity to world class dining, trendy boutiques, and numerous parks. It is a convenient location for exploring Hudson River Park, Washington Square Park, The High Line, the West Side Highway, various public transportation hubs and more.

●chambers street properties
PA industrial portfolio nabbed for $105.7M

Chambers Street Properties announced the acquisition of a four property, 1,644,480 square foot industrial portfolio located in the Northeast Pennsylvania industrial market along I-81 for $105.7 million.
The portfolio is 100 percent net leased with annual rental increases ranging from 2.0 percent to 2.5 percent and has a weighted average remaining lease term of 3.6 years. Over 90 percent of current annualized base rent is derived from investment grade rated tenants.1 The portfolio is occupied by a total of six tenants, including one of the world’s largest internet retailers and a multi-national paper products company. Two of the buildings have expansion capacity in aggregate of approximately 400,000 square feet.

Colony acquires Cobalt for $1.6B

Colony Financial, Inc. announced that it has entered into definitive agreements to acquire Cobalt Capital Partners and its highly diversified portfolio of 256 primarily light industrial assets for approximately $1.6 billion. The portfolio is leased to over 600 tenants and comprises over 30 million square feet across 16 major U.S. markets, with significant concentrations in Atlanta, Dallas and Chicago. Cobalt’s management team, led by Lewis D. Friedland, is being retained to run the day-to-day operations of the business, including acquisitions, asset and property management. The transaction is expected to close in December 2014.
Colony Financial has arranged financing from GE Capital Real Estate equal to approximately 70 percent of purchase price, with the balance of initial capital funded through equity. The portfolio is expected to achieve a stabilized unlevered net operating income yield of approximately 7 percent and produce an initial annualized return-on-equity of approximately 10 percent.
●Madison Realty capital
Joint venture acquires three mixed-use Harlem buildings

Madison Realty Capital (MRC) announced the acquisition of three mixed-use buildings located in a thriving area of Harlem, in partnership with RWN Real Estate Partners LLC (RWN) for $15.2 million in an off-market transaction.
With this acquisition and a previous $30 million multi-property deal in July of this year, MRC and RWN have taken ownership of the entire block between 111th and 112th Streets on the west side of Frederick Douglass Boulevard. Josh Zegen, Co-Founder and Managing Principal of MRC and Ari Shalam, Managing Principal of RWN, made the announcement.


MRC and RWN acquired 2049, 2051, and 2059 Frederick Douglass Boulevard for $15.2 million. Together, the three buildings located between 111th and 112th Streets comprise approximately 30,000 square feet, including 34 residential units and 3 ground floor retail units, and offer nearly 16,000 square feet of additional residential development rights.
In July of this year, MRC and RWN acquired 2053 Frederick Douglass Boulevard and 300 West 112th Street, two 5-story mixed-use elevator buildings together comprising 55,000 square feet, 50 residential units, and two retail units totaling approximately 3,750 square feet, and offering 30,000 square feet of additional residential development rights.
Steven Vegh, President of Westwood Realty Associates, represented the seller and the purchasers in this off-market transaction.

●cushman & wakefield
Industrial building sells for $25.2M in Jersey

A 317,500-square-foot manufacturing and warehouse building at 11 Cragwood Road has traded for $25.2 million, announced commercial real estate services firm Cushman & Wakefield. CenterPoint Properties acquired the property from a joint venture of Ivy Equities and CenterSquare Investment Management; Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the transaction.


Situated on nearly 20 acres in the heart of New Jersey’s Port Region industrial market, 11 Cragwood Road has been fully leased to Gentek Building Products since the 1970s. The property offers one-turn access to New Jersey Turnpike Exit 12, proximate to the ports and the New York City Metropolitan Area’s 23 million consumers.
Cushman & Wakefield’s Gary Gabriel headed the assignment with Metropolitan Area Capital Markets Group’s team member Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer, along with industrial brokerage specialists Frank Caccavo and Jason Goldman.

Upper West Side mixed-use building goes for $26M


The mixed-use commercial building located at 2307 Broadway between West 83rd and 84th Streets has been sold by Ripco for $26 million to Waterbridge Capital. The property contains 12,000 square feet of combined retail and office space, and was one of the few free standing commercial buildings on Broadway available to trade on this part of the Upper West Side.


The building currently houses a now-closed Duane Reade store, which presents the buyer with a great opportunity to re-tenant the property and take advantage of the surging rents in one of the most vibrant and densely populated areas of Manhattan. The sellers were a private family that had been long term owners of the property. Doug Kleiman and Lee Spiegelman of Ripco Real Estate were the sole brokers involved in the transaction.



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