Riverdale Crossing, the former Stella D’Oro factory site that Metropolitan Realty Associates (MRA) transformed into a 165,000 s/f outdoor shopping mall in the Bronx, has a new owner.
New York City-based Vanbarton Group LLC bought the revived site for approximately $133 million.
The two-building retail asset is 98 percent leased and is located in a market with a household income 14 percent higher than the New York City average.
Petco, CityMD, Chipotle, Smashburger and Buffalo Wild Wings all selected Riverdale Crossing for their first Bronx location, while BJ’s Wholesale, which anchors the shopping center, chose the location for its second store in the borough. T-Mobile and Dunkin’ Donuts round out the current tenant roster.
“Riverdale Crossing has attracted well-known national retailers to serve Riverdale and Kingsbridge residents who have long been underserved by high-quality retail, and that is a huge lifestyle and economic benefit to the community,” said MRA president Joseph A. Farkas.
“For the buyer, Riverdale Crossing provides a long-term fixed revenue stream and is located in a desirable, infill location in the third most densely populated county in the nation.
Riverdale Crossing was a joint venture development project between MRA and longtime equity partner Angelo, Gordon & Co.
The pair, which purchased the five-acre site in 2011 after it had sat idle for two years, adds Riverdale Crossing to its successful track record in turning around outdated, often industrial, properties into modern office and retail space.
Local officials have lauded the development as being a big boon to the northwest Bronx area that will employ more than 500 workers, offer new shopping opportunities for residents, create dynamic economic activity and help spur more development in the Broadway commercial corridor.
“The Outer Boroughs are under-retailed. Riverdale Crossing responds to the significant unmet consumer demand in the Bronx. The center will no doubt benefit from a terrific tenant mix, as well as ideal transportation access and visibility,” said Seble Williams, managing director for the NYC Vanbarton Interborough Fund.
Vanbarton Group has been active in the market lately with the recent acquisitions of 31 Penn Plaza, an 18-story, 444,000 s/f office building in Midtown South, and 47-16 Austell Place (aka The Zipper Building) in Long Ilsand City where the firm recently leased the entire 4th floor to the Joffrey Ballet Center.
Vanbarton Group also recently refinanced 180 Water Street, an office to rental residential conversion in Lower Manhattan.
Eastdil’s Adam Spies, Shannon Ching, Adam Doneger, Doug Harmon, Brett Siegel and Jeff Organisciak arranged the transaction on behalf of the seller.