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Deals & Dealmakers

SELLING POINTS: TEI takes gamble on Atlantic City retail asset

● CUSHMAN & WAKEFIELD
Queens site fetches $58M

Cushman & Wakefield arranged for the sale of 133-25 37th Avenue, a nearly one-acre prime development site in Downtown Flushing.

One of the last large land parcels in the area, the site sold for $58,500,000, the largest Opportunity Zone development site sold in Queens this year.

The final sale price equates to approximately $290 per buildable square foot.

Stephen R. Preuss represented the seller, Yihai Group, in the transaction.

133-25 37th Avenue is an existing commercial building of approximately 51,617 s/f. The property sits in a C4-2 zoning (R6 equivalent), which allows for over 200,000 buildable square feet.

Yihai Group had proposed plans for a nearly 205,000 s/f mixed-use development site consisting of residential, retail, hotel and community facility space.

The site is directly across the street from the new Two Fulton Square development, a two-phase mixed-use project by F&T group that will include condominiums, retail and hotel space.

● TIME EQUITIES
TEI takes gamble on Atlantic City retail asset

Time Equities has announced its largest acquisition of the year with the $60 million purchase of Hamilton Commons, a 403,050 s/f power center located in Mays Landing, New Jersey.

The firm, which remains bullish on retail, has grown its portfolio to include 121 retail assets. The complex, located at 190 Hamilton Commons Drive, was purchased from national real estate investment trust Retail Value, Inc.

“We know retail, and over the course of the past five years, increased our portfolio by 35 retail assets. We continue to expand nationally as we build up our retail platform in various secondary and tertiary markets,” said Ami Ziff, director, National Retail for TEI.

“We continue to strategically add to our retail holdings across the United States and plan to sustain this robust level of growth for the next several years.”

Terms of the transaction are undisclosed, Ziff, Jonathan Kim and Grant Scott represented TEI in-house. Chris Munley, Jim Galbally and James Graf at JLL represented the seller.

The shopping center, built in 2001, is in a high-traffic area of Atlantic County near the Atlantic City Expressway. it is currently 93 percent leased to 34 tenants.

● ARIEL PROPERTY PARTNERS
Brooklyn apartment building for sale

Ariel Property Advisors has been retained to sell 862 Dekalb Avenue, a 31-unit, mixed-use rental property in the Bedford-Stuyvesant neighborhood of Brooklyn.

The $15.8 million, 24,885 s/f property, located between Throop Avenue and Marcus Garvey Boulevard, includes 28 residential units and three commercial units.

Jonathan Berman, Victor Sozio, James Meehan and Michael Tortorici are handling the assignment.

The six-story, elevatorbuilding sits on a 7,500 s/f lot. A majority of units feature large, private outdoor space, with all units containing dishwashers and washer-dryers.

The building’s residential units include four studios, 15 one-bedroom, seven two-bedroom and two three-bedroom apartments, including five duplexes.

There are also three commercial units consisting of two stores on the ground floor in the front of the building, including an office with a private entrance in the back of the building.

● GREYSTONE
Healthcare operator makes portfolio buy

Greystone, a healthcare facility owner and operator, announced the acquisition of a 13-facility portfolio of 12 nursing facilities and one supportive living community across Illinois and Missouri.

The Rosewood portfolio of properties was acquired from the Department of Housing and Urban Development for an undisclosed amount.

The 1,662-bed portfolio will be rebranded and managed by Greystone Healthcare Management-Midwest LLC, an affiliate of Greystone Healthcare Management Corp., which manages over 30 health and rehab facilities in Florida:

“Greystone has decades of experience in the skilled nursing industry, and our priority has always been the quality of care we provide to residents,” said Stephanie Handelson, CEO, Greystone Healthcare Management.

“Greystone is excited to be expanding its footprint as a high-quality care provider to both Illinois and Missouri.”

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