● massey knakal
Coney Island site hits market
A development site at 809-873 Neptune Avenue in Brooklyn’s Coney Island neighborhood was sold for $15,000,000.
The site contains 133,407 s/f and its M1-2 zoning allows a wide array of uses, including retail and light industrial.
The property benefits from up to approximately 226,814 buildable square feet of commercial or industrial development rights.
Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction, noted that a significant number of large residential developments within a half mile of the site, represent an established
neighborhood with built-in demand.
The site is just a few blocks from the New York Aquarium, the Riegelmann Boardwalk, and the Coney Island amusement area.
“National Grid’s commitment to Coney Island has had a profound impact on the area’s economic and cultural growth,” said Palmese.
“The sale of their Neptune site will continue in that vein and will provide much needed commercial development and jobs to the neighborhood.”
●inland real estate
Fund spends $60M on Walgreens
Paul V. Profeta and Associates has completed the sale of 12 properties in nine states to Inland Real Estate Acquisitions, Inc.
The properties, all of which are occupied under long-term leases with the Walgreens pharmacy chain, were sold for $60 million, or more than $330 psf.
The Walgreens leases are 75 years in duration with Walgreens maintaining the right to cancel after 25 years.
The properties are located in Illinois, Kentucky, Michigan, Minnesota, Missouri, Montana, North Carolina, Ohio and Texas.
“Single tenant leases that are triple net and leased by a credit worthy tenant such as Walgreens are extremely appealing and very fungible, much more so than typical commercial real estate,” said Paul V. Profeta, principal of of his eponymous firm.
Inland Real Estate Acquisitions, Inc. is a fund headquartered in Oak Brook, Ill., which facilitates acquisitions for various entities that are a part of The Inland Real Estate Group of Companies, Inc. CBRE executive vice president Sterling Champ, one of the leaders of CBRE’s Net Leased Property Group, brokered the transaction on behalf of Profeta.
● cushman & wakefield
Westport retail repositioning
Cushman & Wakefield announced the sale of 180 Post Road East, a 32,481 s/f, two-story retail and office building in downtown Westport, Conn.
Cushman & Wakefield represented the seller, Baystreet Properties, LLC, in the sale to Luzern Associates, LLC, based in Wilton, Conn. The property sold for $11 million, or $339 psf.
The Cushman & Wakefield sales team was comprised of Al Mirin, executive director; Michael Gordon, director; and Kate Schwartz, associate.
Mirin and Schwartz are members of Cushman & Wakefield’s Private Capital Group, which specializes in middle market building sales ranging from $2 million to $15 million.
180 Post Road East houses Michele’s Pies and Destination Maternity and has private parking for 100 cars.
There are 14,683 s/f of retail space on the ground floor and 17,798 s/f of office space on the second floor.
The buyer, Luzern Associates, is planning a full renovation and repositioning of the asset in the near future.
● eastern consolidated
Eastern Consolidated’s Adelaide Polsinelli has just brought two apartment buildings to market with a combined price of $12.5 million.
The two five-story, 20-unit residential properties are situated in Midtown East and the Sutton place neighborhood .
Polsinelli with director, financial services Gary Meese and associate director Michele Nicoletta are representing the family partnership which owns the package.
The properties benefit from in-place income and substantial upside as 90% of the units are at free market rents.
“Many of the units can be vacated shortly,” noted M Polsinelli, “There’s an immediate opportunity to upgrade the apartments and increase rental rates. Given the buildings’ stellar locations — steps from the Midtown Plaza District, Grand Central Terminal, the United Nations, shopping on Lexington Avenue and the number 6, E and F trains at 51st Street — the package lends itself to corporations and other users seeking convenient residential units for their executives.”
220 East 49th Street was built in 1910 and situated on the south side of East 49th Street between Second and Third Avenues.
The 6,915 s/f building is comprised of all one-bedroom units, two of which are owner occupied.
313 East 53rd Street has six units that can be delivered vacant. There is a duplex on floors one and two with a rear outdoor garden, a three-bedroom apartment on the second floor and seven junior four units on the upper floors.
●CUSHMAN & WAKEFIELD
Cushman & Wakefield has completed the sale of 258 Prospect Plains Rd. in Cranbury, an 886,826 s/f industrial facility fully occupied by Pearson Education and known as Pearson at 8A.
The class A facility traded for $98 million.
“This was a well-executed transaction for the seller, who just 24 months earlier had purchased the facility for approximately $80 million and was able to unleash additional value by extending the Pearson lease for a 10-year term and pre-paying the existing above-market indebtedness,” said Gary Gabriel, of the firm’s Metropolitan Area Capital Markets Group who represented seller, Exeter Porperty Group, with Andrew Merin, David Bernhaut and Grace Braverman.
The buyer was an institutional investor advised by Seattle-based Bentall Kennedy (U.S.) LP.
The facility was originally constructed in 2001 as the northeast distribution center for Pearson. “From an environmental impact perspective, this is an industry-leading facility,” said Gabriel. “Among other things, it generates solar panel revenue from a recently installed $8 million solar array on the roof.”
Pearson at 8A has 468 parking spaces, 38-foot ceiling heights and 55 dock doors. The facility includes a 51,000 s/f office component, fitness center and cafeteria.