●EMMES ASSET MGMT
Windsor Terrace rental sells for $76M
Emmes Asset Management Co. LLC, together with one of its U.S. pension fund clients, has acquired Kestrel, an eight-story rental building in Windsor Terrace, Brooklyn, for approximately $76M.
Steps from Prospect Park, Kestrel is a new construction luxury rental building designed by Luca Andrisani Architects and features an expansive suite of amenities including a fitness center with yoga room and sauna, children’s playroom, work-from-home office center, media room, resident lounge and roof deck.
Halstead Property Development Marketing will continue to lead marketing at the Kestrel. Ackman Ziff Real Estate Group represented the Seller and also represented the Buyer on securing acquisition financing from BankUnited. This transaction follows several of Emmes’ recent outer-borough acquisitions in Brooklyn, Queens and the Bronx.
Located at 33 Caton Place in Windsor Terrace, Kestrel features 126 studio-, one-, two- and three-bedroom homes, all with access to 20,000 sq. ft. of high-end amenities. For more information, please visit www.TheKestrel.com.
Charlotte complex bought in joint venture for$52.1M
LRC Properties, LLC, in a joint venture with New York Life Real Estate Investors, has purchased Logistics Pointe Distribution Center. The property, located in Charlotte’s desirable Southpark submarket, was purchased for $52.1million. With the completion of this deal, LRC Properties and New York Life Real Estate Investors are now the third largest industrial owner in Charlotte with approximately 2.958 million square feet of industrial space.
Logistics Pointe Distribution Center, formerly Winn-Dixie, is one of the largest complexes of its kind in North Carolina with both freezer and refrigeration space.The complex is currently 87 percent occupied, with tenants including West Brown Logistics, Otto Environmental Systems, Albert’s Organics, Provide-Commerce, and Pro Flowers.
LRC will begin work soon on a modernization plan for the complex, including updating the roofs, mechanical systems and select cosmetic improvements . Darren Hirsch, managing director of LRC Properties and head of its Carolinas office, will help oversee Logistics Point.
Berger adds Newark office building to portfolio
The Berger Organization added 58 Park Place to its Newark portfolio in a year-end acquisition from PPSJ Corporation. The 30,000-square-foot colonial-style office property, which served as the founding headquarters of Feist & Feist Realty Corp., sits next door to Berger’s Military Park Building at 60 Park Place.
Located directly opposite Military Park in the heart of downtown Newark, 58 Park Place is 50 percent occupied by headquarters operations for the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Already, Habitat for Humanity, a Military Park Building tenant, is finalizing plans to relocate to the fourth floor of 58 Park. Berger will focus its marketing efforts for the first floor – a former supper club – on securing a new restaurant user.
●Cushman & Wakefield
Pair of Bronx buildings sold for $13.5M
Cushman & Wakefield announced that two contiguous apartment buildings at 3133 and 3145 Rochambeau Avenue, located between East 206th Street and Bainbridge Avenue in the Norwood neighborhood of the Bronx, were sold in an all-cash transaction valued at $13,500,000.
The five-story walkup buildings combine for approximately 88,600 square feet on a 215’ x 100’ lot. They total 96 units, with 10 studios, 58 one-bedroom, 22 twobedroom, 5 three-bedroom, and 1 four-bedroom unit. The sale price equates to approximately 10.4x gross rent and $141,000 per unit.
The properties are near the Reservoir Oval, Bainbridge and 204th Street shopping, and four blocks from Montefiore Hospital. The Webster Avenue corridor from Fordham Road to Gun Hill Road was recently rezoned and there has been a tremendous amount of development including several new schools.
Additionally, multiple bus lines service the area and the Metro-North Botanical Gardens stop is a short walk east. “Bronx metrics climb to new highs as the borough continues to emerge and become more attractive to market rate tenants, especially those priced out of other boroughs,” said Cushman & Wakefield’s Karl Brumback, who exclusively handled this transaction with James P. Nelson.
New Jersey retail center goes for $12.9M
Colliers International has arranged the $12.9 million sale of a 30,000-square-foot retail strip at 346 Route 10 in East Hanover, New Jersey.
The multi-tenanted, one-story building – occupied by Party City, Verizon Wireless, and Jersey Mike’s Subs – was purchased by The Klein Group from JEMB Realty, who had repositioned the property two years ago with upgrades to the facade, parking, HVAC systems, and roof.
“Through creative marketing using multiple traditional and digital channels, including Auction.com, we were able to achieve a strong price for this value-add property, which has good, in-place cash flow from its current tenants,” said Jacklene Chesler, Managing Director at Colliers International, who represented the seller and procured the buyer in the transaction. “Trading at $430 per square foot, with 75 percent occupancy is not only indicative of the lively retail market, it also signals health of the overall commercial investment market.”
Chesler added that the remaining 25 percent of unoccupied space can be leased as one unit or divided into two, which presents significant upside for the new owner.
Route 10 is home to a diverse array of national, brand-name retailers and surrounded by strong demographics, residential neighborhoods, and commercial spaces. Other retailers in close proximity to 346 Route 10 include Bed, Bath & Beyond, Target, Marshalls, and Home Depot.