HFF closes $24.5 million sale of retail building in Manhattan’s Upper East Side

  

123 East 86th Street, Upper East Side, Manhattan, NY

 NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $24.5 million sale of 123 East 86th Street, a 7,018-square-foot, single-tenant retail property triple net leased to Citibank in Manhattan’s Upper East Side neighborhood. 

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 square feet of lower-level space not included in the rentable square feet.  

Situated on a 3,021-square-foot lot between Lexington and Park Avenues, 123 East 86th Street is in the heart of Manhattan’s Upper East Side.

 The property 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. 

Rob Rizzi

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.

“We received a tremendous response from a wide range of private and institutional investors, highlighting New York City’s appeal for high-street properties, as well as the continuing demand for cash flowing retail,” Rizzi said.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

http://mcapny.com.

Shopoff Realty Investments Acquires Unique Coastal Huntington Beach, CA Redevelopment Project

  

William Shopoff

 Huntington Beach, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired 28.6 acres of land in Huntington Beach, Calif. for redevelopment for $26.5 million. The site is currently home to a former oil storage tank farm and pumping facility.

The property is located at the intersection of Magnolia Street and Banning Avenue and is situated 400 yards from the entrance to the Huntington State Beach on Pacific Coast Highway.

Additionally, the property has coastal and ocean views across the Huntington Beach Channel and the beautifully restored Magnolia and Brookhurst Marshes of the Huntington Beach Wetlands Conservancy.

“We intend to employ our expertise and creative planning to transform this now former oil terminal consisting of three 500,000 barrel tanks (approximately 63 million gallons) into a thriving new mixed-use development featuring a visitor-serving resort and commercial and residential components,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“The land parcel is in a phenomenal location with close proximity to the Pacific Ocean. Redevelopment of a site like this is a challenge on many fronts, but creates incredible opportunities, making it an ideal project for our unique team of value-add experts.”

John Santry

“We intend to have the oil tanks removed and take additional efforts, if needed, to clean up the site, and provide a development that really enhances the local community,” added John Santry, executive vice president of Shopoff Realty Investments Land Division.“

We believe that the replacement of this large industrial facility with a beautifully designed mixed use development will better serve the community by providing improved aesthetics and services.”

For a complete copy of the company’s news release, please contact:

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Berger Commercial Realty Secures Fort Lauderdale Location for New York Law Firm's First Out-of-State Branch

Judy Dolan

FORT LAUDERDALE, FL  - Berger Commercial Realty Senior Vice President Judy Dolan recently represented Ultimate Fitness, LLC in subleasing 12,990 square-feet of office space to Gacovino, Lake & Associates, PC at Harbor Shops, located at 1815 Cordova Road in Fort Lauderdale.

The space previously served as the headquarters for Orangetheory Fitness, which purchased a new 77,000-square-foot facility in Boca Raton for $14 million. 

Gacovino Lake then leased an additional 4,667 square-feet at Harbor Shops, bringing its total space to 17,657 square-feet. Headquartered in Sayville, N.Y., Gacovino Lake has litigated 20,000 personal injury cases over the last 20 years. Serving clients across the United States, the firm will operate its location at Harbor Shops as its first out-of-state branch.

A 250,000-square-foot regional shopping center, Harbor Shops' tenants include national chains such as Publix, Total Wine, TJ Maxx, LA Fitness, Chase Bank, Massage Envy, Ross, and more.

For a complete copy of the company’s news release, please contact:

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com