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Deals & Dealmakers

SELLING POINTS: Compass sells Mott Street retail condo

● ONE LIBERTY PROPERTIES
REIT swaps retail for industrial

Great Neck, NY-based One Liberty Properties has acquired two industrial properties for $28.3 million.

The company also sold a retail property for net proceeds of $3.4 million and a net gain, before a mortgage prepayment charge, of $4.3 million.

Patrick J. Callan, Jr., president and CEO of One Liberty commented, “These transactions represent the ongoing execution of our approach to opportunistically grow our industrial exposure through accretive acquisitions, while strategically disposing of assets that have maximized their value within the portfolio.

“The assets are leased for the long-term at solid starting rents that will benefit our earnings and cash flows for years to come.”

The acquisition included a 248,000 s/f industrial facility on 30 acres located in Lowell, Arkansas, purchased for $19.2 million.

The facility was built in 2017 for, and is net leased to, FedEx Ground Package System, Inc. The property is leased through 2027 at an annual base rent of $1.2 million.

The second is an 88,000 s/f industrial property on 4.8 acres located in Ashland, Virginia, a suburb of Richmond, for $9.1 million.

The Class A facility is located near I-95 and is net leased through 2034. The tenant, Creative Office Environments, is an office furniture and workplace solutions provider, and a regional distributor for Steelcase.

The current annual base rent is approximately $599,000, with annual increases ranging from two to 3.5 percent.

One Liberty sold a retail property located in Onalaska, Wisconsin for $7.1 million, net of closing costs, and paid off a $3.3 million mortgage.

● CUSHMAN & WAKEFIELD
Rudin selling legacy multifamily asset

Rudin Management is selling the first building the company owned and operated in New York.

1400 Benson Street in the Bronx has been part of the family’s portfolio for 95 years.

Built by the Rudin Family in 1925, 1400 Benson Street is comprised of 58 rental units and six ground-floor retail spaces. The unit makeup includes 36 one-bedroom, 21 two-bedroom and one three-bedroom apartment. The property is “a rent stabilized building with some free market apartments,” according to a Rudin spokeswoman.

The mixed-use property is being marketed by a Cushman & Wakefield team that includes Jonathan Squires, Josh King, Michael Fioravanti, Eric Roth, Shayne Soltan and Robert Shapiro

The asking rent price $12.8 million, which equates to $232 psf.

● MARCUS & MILLICHAP
Shopping center trades for $19M

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Court at Hamilton, a 194,106 s/f shopping center anchored by a 150,000 s/f Walmart Supercenter in Hamilton Township, New Jersey.

The property sold for $19.2 million, said Brad Nathanson, IPA senior managing director.

The Court at Hamilton was 99 percent occupied at the time of sale. In addition to Walmart, the center’s tenants include Rainbow, Snipes, Burger King, and an upcoming Capital Health General Medicine practice slated to open in March.

“The Court at Hamilton is a necessity-based grocery-anchored shopping center developed in 2016 in a high-density market with close proximity to Trenton and Princeton,” said Nathanson.

“With little to no competition within three miles, Walmart performs extremely well here, with more than $100 million in sales.”

Nathanson represented the seller, Abrams Realty & Development and procured the buyer, New Jersey-based First National Realty Partners.

Manhattan-based Michael Helpern and Christopher Marks of IPA Capital Markets, arranged the debt on behalf of the buyer.

Nathanson added: “The attractive nature of a newly developed shopping center anchored by a Walmart Supercenter on a long-term lease at a time when large format retail development has been dormant was a huge demand driver for investors. We are still finding that the bulk of national investor demand lies in grocery-anchored shopping centers, especially with the ability to borrow at very attractive interest rates in today’s debt markets.”

● NKF
Retail co. buys Brooklyn property

Newmark Knight Frank (NKF) announced the sale of a 99-year leasehold interest at 250 Utica Avenue in Brooklyn on behalf of L+M Development Partners.

The $13,925,000 sale of the new construction property was negotiated by the NKF team of vice chairman Barry Fishbach, senior managing director Brian Segall and managing director Gary Meese.

250 Utica Avenue is a four-story, 61,230 s/f retail building located in Crown Heights at the northwest corner of Utica Avenue and Lincoln Place.

Built in 2015 by L+M, the property adjoins a 12-story 87-unit residential building.

The building’s retail is 95 percent leased with tenants that include Blink Fitness, CityMD, Dollar Tree, and the Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold.

“As part of our successful partnership with L+M, we guided the sales process of 250 Utica Avenue and found a high-quality buyer for this newly constructed asset,” said Fishbach.

“The property’s location and deeply qualified and stable tenant roster make it a prominent retail acquisition.”

According to city records, the buyer was an LLC associated with Gabriel Chehebar of the Rainbow Apparel Company, which own and operate a chain or stores and real estate assets.

● COMPASS
Mott Street retail condo sold

Adelaide Polsinelli, vice chair of Compass, has closed on the sale of another retail condo at 262-272 Mott Street in Nolita for $3,100 psf.

The retail unit is currently occupied by TAGS, a boutique featuring eclectic fashion finds from around the world.

The property is located in the middle of the tree-lined Mott Street, directly across from St. Patrick’s Old Cathedral, between Prince and Houston.

The retail stores at the base of the luxury loft condominium conversion, along with three levels of below grade storage units, were sold by Polsinelli for $26 million, in 2016.

Last year, she successfully flipped three of the units, which were under contract to a new owner.

“Having sold retail condos in this property since 2016, I can say without question that Nolita retail is alive and well,” noted Polsinelli after the third sale of the retail at this property.

“This is a testament to the street’s intrinsic value through all phases of the market cycle.”

Originally built in the 1850s, as an armory, 262-272 Mott Street was converted to luxury residential loft condominiums in 1992.

● LEXERD CAPITAL MANAGEMENT
Jersey fund looks south for value

New jersey-based private equity fund Lexerd Capital Management has acquired Anchorage Viera, a multifamily property in Louisville, Kentucky.

The property, renamed The Lory of Louisville, consists of 19 two-story multifamily apartment buildings and one community building.

Originally constructed in 1985, the buildings contain 163 dwelling units on 13.45 acres.

Terms of the transaction were not disclosed. This is the first acquisition for Lexerd in the Louisville, Kentucky area and the second acquisition for the Lexerd Capital Partners High Yield Fund III in 2020.

The property has had over $2.5 million in recent capital improvements, including new Hardiplank siding, roofing, parking lot seal and stripe, and refreshed amenities.

Future capital projects include updating kitchens as well as installing soft seating and a television lounge to the common pool area.

Albert Lord III, CEO of Lexerd, commented, “The Lory of Louisville is a well-maintained community with a strong operating history, located in the desirable East End section of Louisville.

“We see a tremendous opportunity to add value to the property through additional interior and exterior renovations.”

● TRYKO PARTNERS
Investors expand skilled nursing portfolio

Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a 201-bed skilled nursing/63-unit assisted living campus in Moorestown, NJ.

The property is slated for a two-phase, $12 million improvement campaign under the new ownership.

Located at 255 East Main Street, Lutheran Crossings provides post-hospital care, short-term rehab and long-term residential care within its nursing component, which has been renamed Cambridge Rehabilitation & Healthcare Center.

Its assisted living offering, rebranded as Cambridge Enhanced Senior Living, features a dedicated memory care neighborhood.

The bucolic, 14-acre campus sits in the heart of picturesque downtown Moorestown, 12 miles east of Philadelphia.

The Lutheran Crossings campus is listed on the National Register of Historic Places. Originally built in 1894 as a private residence, it was purchased in 1939 by inventor Eldridge Johnson, who later sold it to the Lutheran Social Ministries of New Jersey.

That organization opened a nursing facility on the property in 1947, and expanded to its current capacity in the 1990s. The assisted living component opened in a 2007 addition.

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