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Deals & Dealmakers

Selling points: Time Equities buys mall for $70M, Jamaica development site now on the market

Time Equities

TEI buys general growth mall for $70M

New York-based Time Equities Inc. (TEI) has acquired Newgate Mall in Ogden, UT, for $69.5 million.

Marking the firm’s first acquisition in the state, TEI purchased the 718,035 s/f asset from General Growth Properties (GGP), one of the industry’s leading real estate investment trusts.

“Time Equities Inc.’s national retail portfolio is in expansion mode, and Newgate Mall serves as a wonderful addition to our unique portfolio of mall and outlet centers located throughout the U.S. and Canada,” said Ami Ziff, Director of National Retail for TEI.

“Newgate Mall has an excellent tenant mix, offering a premier shopping and social experience to the residents of Ogden.”

Current anchor tenants include Dillard’s, Burlington Coat Factory, Sears, Cinemark and another incoming brand to be announced at a later date.

Coldwell Banker Commercial Advisors has been tapped to spearhead ongoing permanent leasing efforts for incoming tenants, while The Woodmont Company will oversee management, marketing and specialty leasing.

Thomas Dobrowski of NGKF Capital Markets, who represented General Growth Properties in the transaction.

He said “Because of the nationally known tenant roster, the mall has been profitable for GGP, and Time Equities Inc. can further capitalize upon the remaining vacancies.”

Cushman & Wakefield

Jamaica development site now on the market

Cushman & Wakefield announced that Jamaica Tower, LLC has exclusively selected the firm to market The Archer Towers development site located at 163-05/25 Archer Avenue in Downtown Jamaica.

The asking price is listed at $60 million, or $83 per buildable square foot.

Executive Director Stephen R. Preuss and Director Daniel A. Abbondandolo are leading marketing efforts.

“The value of the property lies in its development potential. With a prime location in the heart of a lively urban center, the site makes itself available to a number of opportunities,” said Preuss.

“Downtown Jamaica’s reputation as a transportation hub and the established commercial corridors like Jamaica Avenue, offer maximum exposure for people looking to grow their presence within a vibrant community.”

The property is currently the site of a 32,307 s/f single-story retail strip with a supermarket, food court and a Rent-A-Center, in addition to a 280,000 s/feight-story parking garage currently not in operation.

The As-of-Right buildable square footage is approximately 676,552, while the maximum buildable square footage is approximately 719,736 with inclusionary housing.

CBRE Group

Flushing site fetches record price

The CBRE Group team of Elli Klapper, Charles Berger, Ralph C. Guiffre and Robert A. Seidenberg arranged the $36 million sale of a mixed-use development site at 144-51 Northern Boulevard in Flushing, NY.

The .85 acre, as-of-right development site was sold to a private investor, CW Northern LLC, and consists of two lots totaling 36,889 s/f.

The site contains an 11,853 s/f building currently housing a Flushing Bank branch, second story office space, and accompanying parking.

At $36 million, or over $400 psf, the sale of the development site is one of the highest per square foot on record paid thus far in 2016 for an asset in Queens.

According to Klapper, who along with his colleagues represented Flushing Bank in the sale, “The Bank building is in an area that is ripe for new development.

“In contrast to reports that development sales are down due to the expiration of the city’s 421-A tax abatement program, we had a tremendous response to this offering with over a dozen competing bids.

“In the end we were able to garner a record-breaking sale price for this ideally located Flushing property, which boasts a 2.43 FAR, allowing for the construction of 89,640 s/f.”

The site provides the new ownership an opportunity to construct a luxury condominium building.


UES Citibank building bought by private investor

Holliday Fenoglio Fowle closed the $24.5 million sale of 123 East 86th Street, a 7,018 s/f single-tenant retail property triple net leased to Citibank.

HFF marketed the property on behalf of the seller, a partnership between Madison Capital and a global real estate investment management firm.

The asset was purchased by a private investor for $24.5 million, representing $3,492 per total square foot.

Completed in 1927 and renovated in 1998, 123 East 86th Street is fully leased to Citibank on a triple-net-lease basis through 2022 at rents significantly below market.

The building consists of three above-grade levels with an additional 2,234 s/f of lower-level space not included in the rentable square feet.

Situated on a 3,021 s/f lot between Lexington and Park Avenues, 123 East 86th Street is located in the 86th Street retail corridor, a prominent upper Manhattan area drawing urban retailers, including Whole Foods, H&M, SoulCycle and Sephora, and adjacent to the 86th Street subway station with its more than 20 million riders annually.

The HFF investment sales team representing the seller was led by managing directors Rob Rizzi and Jeff Julien, senior managing director Eric Anton and associate director Steven Rutman.  Elad Dror and Tony Park of PD Properties represented the buyer.


Citicore marketing Bronx building 

Citicore has been exclusively retained to sell 7 West Burnside Avenue in the Bronx for $22 million.

The building is located on the corner of Jerome and West Burnside Avenue in the University Heights neighborhood.

The three-story commercial elevator office building, which has not been sold for 43 years, has four stores with AAA-rated retail tenants.

The 38,026 s/f building is close to the subway and has heavy foot traffic in the neighborhood.

Citicore’s managing partners Timour A. Shafran and Cem Algan, and sales associate Jessica Pepe, have the exclusive listing for the building.

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