The 7-Eleven is located at the corner of a signalized intersection along U.S. Route 9 West which hosts over 17,000 vehicles per day. Tenants along the retail corridor include ALDI, Tractor Supply Company, ShopRite, Ford, Sherwin-Williams, McDonald’s, Dollar General, and AutoZone. Continual traffic is drawn to the area by several parks including High Tor State Park, Safe Harbor Haverstraw, and the Hudson River. The 7-Eleven is also within proximity to Westside Avenue (20,130 VPD) and Palisades Interstate Pkwy (54,252 VPD). Additionally, 119,811 people live within five miles of the property who earn an average annual household income of $155,685.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a northeast based real estate developer. The buyer was a New York based individual investor in a 1031 exchange.

7-Eleven is the world’s largest convenience store chain operating, franchising, and licensing around 64,319 stores in 18 countries. 7-Eleven is also one of the nation’s largest independent gasoline retailers and was ranked #1 by Entrepreneur Magazine in the 2017 annual “Franchise 500” ranking.

“Single tenant 7-Eleven properties continue to garner significant interest amongst net lease investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Despite the large supply of 7-Eleven properties on the market, locations with solid real estate fundamentals continue to transact.”

The post The Boulder Group Arranges Sale of Net Lease 7-Eleven Property in the New York City MSA appeared first on Real Estate Weekly.

Known for its high-quality specialty coffee, artisanal pastries and gourmet sandwiches, Madame Bonté combines sophistication with convenience. Owned by siblings Deniz Karafazli and Yeliz Karafazli, the French-inspired bistro’s new location will operate out of a 442-square-foot space with a 16-foot storefront on 66^th Street between Second and Third Avenue.

“Madame Bonté Café has made a name for itself on the Upper East Side, combining indulgent baked goods and espresso beverages within a modern and easy-going atmosphere,” said Joshua Roth, Senior Vice President of Retail at Manhattan Skyline Management Corporation. “Whether new to the brand or a loyal returning customer, we know that their new location at 205 East 66^th Street will be beloved by all.” 

Madame Bonté Café debuted on 2^nd Avenue between 94^th and 95^th Streets before expanding to 84^th Street between 1^st and 2^nd Avenues. The 84^th street location features an expanded menu with wine, beer and dinner items as well as a large downstairs with a cozy seating area on a backyard patio.

“We created Madame Bonté Café because we believe in the power of community,” said co-owner Deniz Karafazli. “Our locations are gathering places and respites, serving as more than just a place to grab coffee. We want visitors to treat us as their home away from home, right in the heart of their own neighborhood.”

The newest coffee shop is located within the fashionable Upper East Side neighborhood of Lenox Hill, renowned for its collection of classic boutiques, art cinemas, gourmet establishments and acclaimed restaurants. Neighboring tenants include Nike, Starbucks, Lululemon Athletica, Alo Yoga, Bondi Sushi, Sant Ambroeus, Credo, Oath Pizza, Madison Reed, Janie and Jack, Vineyard Vines and CityMD.

Roth represented Manhattan Skyline in the long-term transaction. Madame Bonté Café was represented by Joshua Berkun of Kassin Sabbagh Realty.

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Founded in 1999, Rosenthal’s sixty-five people oversee a hundred plus commercial properties and manage over seven million square feet in retail space. The Rosenthal group focuses on tenant representation, leasing, property management and construction/project management of retail, office and industrial properties in Washington D.C., Virginia, and Maryland.

According to Sam Latone, President and Co-CEO of TSCG, “We’ve grown our company strategically through a combination of organic growth and acquisition of market leading firms in territories that complement our existing strengths. Glenn Rosenthal is an industry icon. He built his company into a regional retail powerhouse, and we’re thrilled to have the Rosenthal team join us.”

TSCG is one of the country’s largest privately held retail real estate services company. With Rosenthal, TSCG now has twenty-one regional offices and over three hundred associates servicing tenants, landlords, investors and developers. The addition of the metropolitan market to the TSCG portfolio provides complete coverage of the East Coast from New York to Miami.

“The retail landscape continues to evolve,” says Glenn Rosenthal, founder of Rosenthal. “This move strengthens our capabilities to better service our clients. TSCG’s collaborative environment and commitment to putting the client needs first, fits well with our culture.”

“Rosenthal Properties’ reputation in the market is impressive,” adds David Birnbrey, Chairman and Co-CEO of TSCG. “Our goal is to support their growth by providing the business development, analytic capabilities and back-office support needed to provide seamless service to retailers, restauranteurs, healthcare providers and property owners.”

In addition to tenant and landlord representation, TSCG operates Investment, Analytics, and Medical divisions, all of which will be offered through the Washington D.C. metro office. TSCG Investors is a vertically integrated SEC Registered Investment Adviser investing in institutional quality real estate. TSCG Analytics provides comprehensive GIS data collection and analysis for clients. TSCG Medical focuses on the unique real estate needs of healthcare providers and owners of real estate looking to attract medical uses.

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Torrington’s immediate plan is to maintain the current tenant profile while attracting new businesses to fill existing vacancies. The Spinoso Real Estate Group, which managed the property under the previous ownership will continue in this role under Torrington.

“The Mall at Fox Run is a storied regional property with the potential to once again become a high-traffic, vibrant destination,” Torrington Chief Executive Officer Jay Bisognano said. “As we consider ways to improve the experience, we will engage with top consultants in the field and begin studying the best innovative ideas from across the country to bring to Newington.”

Torrington closed on the mall property in November, 2022.

Torrington previously acquired the 130,400-square-foot, vacant former Sears store at the mall for $11.5 million in October 2022, and the nearby 15-acre Newington Park Shopping Center for $13.3 million in 2021, where it is currently developing a Chick-Fil-A.

Torrington is studying similar developments across the country to make the Mall at Fox Run and Newington Park Shopping Center a mixed-use community destination that would potentially include other commercial uses like office, entertainment and a hotel.

Torrington’s Recent Commercial Activity

In June 2023, Torrington acquired the Mill Road Plaza in Durham for $8.8 million as part of its focus on grocery-store-anchored, community-focused plazas.

In June 2022, Torrington completed New Hampshire’s largest commercial office real estate acquisition in recent years with the $46.9 million purchase of 100 Domain Drive in Exeter. The 263,000-square-foot building’s tenant roster includes Bauer Hockey, FH Cann & Associates and Garnett Hill.

It also signed a deal with ConvenientMD to relocate its corporate headquarters in the 44,000-square-foot commercial building at West End Yards in Portsmouth, where Buffalo Wild Wings Laney & Lu and F45 Training are located.

For more information about Torrington Properties, visit https://www.torprops.com.

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The corner retail space at 10726 SW 7^th Street offers several advantages to potential tenants, including the option for a drive through window in addition to forty-six dedicated retail parking spaces. The space also offers a premier location, and is situated on the ground floor of Terrazul, a student housing development consisting of 932 units with a total of 1,201 beds and 647 parking spaces, providing a captured audience of consumers. Terrazul is being developed by AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management, and is anticipated to be completed by the second quarter of 2024. 

Retail users will also benefit from the project’s pedestrian-friendly location across the street from the east entrance of FIU, the second largest university in Florida with almost 60,000 enrolled students across bachelors, masters, and doctoral degree programs.  

“The commercial space at Terrazul is highly desirable due its location at the base of a premier student housing development with 932 units as well as being situated across the street from FIU, creating a steady flow of potential customers,” said Brendan Thrapp, managing partner at Verada. “In addition, the corner retail space benefits from more than 56,000 cars that pass by daily and its easy access to U.S. Route 41 and Florida’s Turnpike which further enhances its appeal to potential retail tenants, including grocer/markets, fitness, experiential retail, food & beverage, and health clubs.” 

Founded by Nathaniel Mallon and Brendan Thrapp in 2021, Verada specializes in new development landlord representation and has already developed a solid track record of leasing space on behalf of New York developers. The firm leased more than 100,000 square feet of retail space in New York City last year, making Verada one of the fastest-growing companies in the market. Mallon received Costar’s 2022 Power Broker Award for “Most Retail Leased in NYC’s Outer Boroughs” as well as the Real Estate Board of New York’s 2023 “Commercial Sales Brokers Most Ingenious Deal of the Year” award for completing a complex assignment in securing a 30-year lease with an option to purchase what is now a building site in Greenpoint, Brooklyn for his client Brooklyn Brewery’s 41,000-square-foot new headquarters. The deal was secured without construction plans, and without approvals from NYC Department of Buildings and The Department of City Planning. 

Verada’s expansion into the South Florida CRE market is a natural next step for the company as many of its current New York-based clients are also developing in South Florida and looking for strong representation. Beyond representing 10726 SW 7th Street in Sweetwater, Verada plans to continue to offer its services to commercial retail landlords and retail tenants, focusing on delivering exceptional value and expertise in South Florida. 

“Verada had an incredibly successful 2022, and we feel now is the right time for us to expand into the South Florida commercial real estate market to take advantage of the growing population, the large amount of development, and tenant demands for retail space,” said Mallon. 

Mallon added, “Verada brings a wealth of experience, industry knowledge, and a strong track record to the South Florida market. We offer comprehensive real estate solutions tailored to our clients’ specific needs, and our commitment to personalized service coupled with our strategic approach and deep understanding of local market dynamics sets us apart.” 

For further information about Verada or to inquire about leasing opportunities at 10726 SW 7^th Street, contact Nate Mallon at nm@veradaretail.com or Brendan Thrapp at bt@veradaretail.com or call Verada’s office at (212) 634-1688. 

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“The rise in interest rates combined with available investment returns in other fixed income investment opportunities continue to be the primary drivers for the upward pressure on cap rates” says Randy Blankstein, President, The Boulder Group. “Accordingly, transaction volume for the first half of 2023 significantly lagged prior years’ pace.”

The supply of properties in the market is increasing as properties sit on the market longer. New properties added to the market in the second quarter of 2023 was significantly lower than the prior quarter. In the second quarter of 2023, approximately 20% less properties were added to the market than the first quarter.

“In recent years cap rate compression allowed property owners to sell properties at higher values than their original acquisition price despite a shorter lease term,” adds Jimmy Goodman, Partner, The Boulder Group. “This strategy no longer holds true in a scalable form in the current cap rate environment, causing many owners to hold their assets rather than consider a sale.”

Certain segments within the net lease market including dollar stores, drug stores and coffee users experienced an oversaturation of certain tenants. This resulted in a more significant rise in cap rates for the respective tenants.

“Tenants with large scale expansion plans continue to increase  property supply in the market” John Feeney, Senior Vice President, The Boulder Group adds. “Accordingly, cap rates within the dollar store sector experienced some of the largest rise in cap rates (28 bps) in the net lease industry.”

The capital markets continue to put upward pressure on cap rates in the net lease markets. Investors will be carefully monitoring the upcoming Federal Reserve meetings as the primary sentiment is that multiple rate increases will occur prior to year end. Within the private capital buyer pool, all-cash or low leverage investors will focus on higher quality assets with a strong preference for income tax free states. While the depth of the 1031 buyer pool remains shallow, institutional investors will take advantage of larger scale transactions or one-off transaction within their acquisition cap rate targets.

To view the full report: https://bouldergroup.com/media/pdf/2023-Q2-Net-Lease-Research-Report.pdf

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“The Northern New Jersey retail leasing market is seeing increased demand as the area’s median household income remains considerably above the national average, leading tenants to compete for a dwindling supply of available retail space,” said Ms. Villa, a senior vice president in CBRE’s Florham Park, NJ office. “Regional retail spending is up more than 6 percent year-over-year, and tenant demand has brought retail vacancies down to pre-pandemic rates.”

In the first deal, Manhattan Bagel signed a 2,800 sq.-ft. lease at 39 Route 31 in Flemington, NJ at a former stand-alone fast-food location with a drive thru and parking for 28 vehicles. The tenant also owns and operates two other Manhattan Bagel locations in Union and Westfield, NJ.

Healthy snacks maker Ancient Crunch took 6,000 sq.-ft. at 600 Corporate Drive in Lebanon, NJ, a four-story, 125,000 sq.-ft. Class A office property featuring a food court and other amenities nestled between both Routes 78 and 22 and offering premier highway access into New York City and Pennsylvania.

Academy Youth Sports Performance Training working with student athletes, signed a 10-year, 4,000 sq-ft. lease at the Blue-Ribbon Shopping Center at 100 North Avenue in Garwood, NJ.

The post CBRE Team Completes Three Retail Deals Totaling 12,800 SF in Northern NJ appeared first on Real Estate Weekly.

Built in the early 1900s, the historic Boyce Thompson Center has been transformed by Simone Development into a premier 85,000-square-foot mixed-use center featuring a variety of medical and retail tenants. Medical tenants include St. John’s Riverside Hospital, Westmed Medical Group, Columbia Doctors, Mount Sinai Doctors, ENT and Allergy Associates, Motion PT, Metro Vein Centers and Riverside Dental Health. Retail tenants include Tompkins Mahopac Bank, Ultimate Spectacle, Family Wellness Pharmacy, The Taco Project, Starbucks, Executive Wine & Spirits, fresh&co, and Fortina Restaurant.

“We are delighted to welcome Enbu Asian Fusion and SoYo Nails to our growing roster of retail tenants at the Boyce Thompson Center. These businesses are a great amenity not only for those who work at the Boyce Thompson Center and for patients visiting our medical tenants, but for the entire surrounding Yonkers community,” said Josh Gopan, Vice President of Leasing at Simone Development.    

Representing Simone Development in both transactions were Josh Gopan, Vice President of Leasing at Simone Development, along with Michael Hansen from the company’s legal team. Enbu Asian Fusion was represented by Laurence London of Laurence London & Co. Karnit Mosberg of Royal Properties represented SoYo Nails in the lease transaction.

The post Simone Development Announces Signing Two New Retail Leases Totaling 3,552 SF at Boyce Thompson Center in Yonkers, NY appeared first on Real Estate Weekly.

501 Seventh Avenue

·         Club Pilates signed a new lease for an 1,805 square foot retail space. Emily Simmonds of RIPCO represented the tenant in the lease negotiations.

·         A Cut Above 7 signed a new lease for a 3,198 square foot space. Richard Farley of Handler Real Estate Organization represented the tenant in the lease negotiations.

250 W. 57^th Street

·         AT&T signed a renewal lease with ESRT for their currently occupied 3,805 square foot space. Loren Baron of CBRE represented AT&T in the lease negotiations.

“We are thrilled to bring Club Pilates to the Midtown/Penn Station area of New York City! As operators of three other New York Club Pilates since 2019, we’ve seen first-hand the benefits Pilates brings to the communities around our studios,” said Jason Covallo, co-owner of Club Pilates. “With this new location’s easy access to commuter hubs like Penn Station, Grand Central Terminal, and Port Authority, we can reach even more people with the power of Pilates!”

“Our new location at 501 Seventh Avenue will benefit our business with high foot traffic and proximity to transportation,” said Rafael Aminov, owner at A Cut Above 7. “We are excited to welcome our clients to our brand-new, customized salon, which will be a great addition to the neighborhood.“

Fred C. Posniak of ESRT and Morgan Singer and Andrew Mandell of RIPCO represented the property owner in both transactions.

“We focus on retailers who provide the amenities and services that our office tenants desire most,” said Fred C. Posniak, SVP, leasing at Empire State Realty Trust. “We are pleased to welcome Club Pilates and A Cut Above 7 to 501 Seventh Avenue’s bustling neighborhood, and to continue our long-term relationship with AT&T at 250 W. 57^th Street.”

More information about ESRT’s portfolio, and available retail space for lease, can be found online.

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Founded in 1995 by Pam Weekes and Connie McDonald as a small bread shop on the Upper West Side, Levain Bakery has become a renowned destination, known for its decadent, 6-ounce cookies that are baked fresh daily, crispy on the outside, and ooey-gooey on the inside. Levain operates eight bakeries within New York City and also has locations in Chicago, Boston, the Greater Washington DC area, and most recently opened their first West Coast bakery in Los Angeles. In addition to the full slate of Levain’s world-famous cookies, the neighborhood bakery also features a variety of pastries such as blueberry muffins and oatmeal raisin scones, loaf cakes, artisanal bread and rolls, all baked fresh in-house daily.

As part of its lease, Levain Bakery will occupy 3,000 square feet at the base level of the office component of 122 Fifth Avenue, adjacent to the 18th entrance of the building – a prominent location for residents, visitors and businesses in the Flatiron neighborhood. The bakery is expected to open Q1 of next year. Levain was represented by Newmark, while Bromley was represented by Cushman & Wakefield. 

The new Levain Bakery location will become a destination in the Flatiron neighborhood for the community. The area has continued to evolve as a popular live-work-play destination, with over 50 innovative and established corporate neighbors within a 10-minute radius and a surplus of shopping, dining and entertainment offerings for office tenants, residents and visitors including over 100 new businesses to the district since 2020.

Alongside direct access to Levain Bakery, 122 Fifth offers a range of amenities for office tenants, including a rooftop terrace and a bike storage room with a shower area, ensuring a modern and convenient working environment for tenants. With notable tenants, the redevelopment of 122 Fifth Avenue reflects Bromley’s dedication to revitalizing the Flatiron neighborhood and transforming an iconic building to meet future needs.

“Levain Bakery is a key piece to the puzzle in our vision of creating a premier office destination where our tenants can look forward to their commute and the seamlessness of it all,” said Nicholas Haines, CEO of Bromley Companies. “The amenity package at 122 Fifth represents modern amenities that we believe blend the conveniences of home with the professionalism of the office that will encourage workers to want to be in person. We are thrilled to welcome Levain to office tenants, visitors and neighbors of the Flatiron district.”

Through a $100-million dollar investment, Bromley Companies has elevated the offering of the project with the addition of a rooftop pavilion and terrace to the building, expanding it to 300,000 square feet. 122 Fifth Avenue goes beyond a traditional adaptive reuse program and instead reinvigorates the existing building, while creating an all new “crown” and merging with a brand new office building, formerly an adjacent parking lot.

For more information on 122 Fifth Avenue, visit https://122fifthave.com/. 

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