GHP Office Realty and Rd Mgmt. sell shopping center
FORT WORTH, TX — GHP Office Realty and its partner, RD Management, are pleased to announce that they sold a 136,000 s/f grocery-anchored shopping center located across from Texas Christian University in Fort Worth for $15 million all cash; the property was 98% leased at the time of the sale.
The New York based partnership purchased the property during the economic downturn in 2008 for a substantial discount to replacement value. After an extensive capital and repositioning campaign, the property’s two major buildings were net leased to credit tenants, Albertsons and Cook Children’s Health Foundation. The large multitenanted retail building is essentially fully occupied with such tenants as Dollar General, Ace Hardware and Subway. The 10 acre property is three miles from downtown Fort Worth, and located within an in-fill affluent area.
The group invested the proceeds in the acquisition of 660 White Plains Rd., Tarrytown, NY.
RD Management is based in Manhattan and was represented by managing partner, Rick Birdoff. It is one of the country’s leading shopping center owners and developers. The company owns and operates over 20,000,000 s/f in 15 states and is currently developing major projects in the New York area, Minnesota, Florida and Austin, Texas.
In Tarrytown, NY — GHP Office Realty announced that, along with a group of private investors, it has acquired one of the largest and most iconic office buildings in Westchester County – 660 White Plains Rd. in Tarrytown. The six-story building is 280,000 s/f and is presently 85% occupied with more than 30 tenants. The pyramid shaped building is visible from the New York State Thruway, I-287, the Sprain Brook Parkway; it is 2 miles from the Tappan Zee Bridge and 30 minutes north of New York City.
The building was purchased at a substantial discount to replacement cost. The purchasers intend to initiate a substantial capital campaign to restore the building to a premier position as one of the most sought after properties in the suburban New York Area. The property was one of the last speculative office buildings built in Westchester. GHP principal Andrew Greenspan confirmed that the new owners are intent on bringing their considerable expertise and resources to the property. “We live and work in Westchester. We are headquartered in Westchester. We own and manage a dozen other properties nearby. We have the capital plan and “know how” to restore this property to the highest level.” Greenspan added that renovation plans will include upgraded landscaping, lighting, parking lots, renovated lobbies and common areas, new state of the art fitness center, modernized food service and a revamped building and mechanical systems. “The acquisition of 660 White Plains Rd. is a natural extension of what we do,” he added.
Mortgage Financing was provided by James Houlihan and Bryan Houlihan of Houlihan-Parnes Realtors, LLC. Andrew Merin of Cushman & Wakefield’s Capital Markets Team represented the seller. The purchaser was represented by Andrew Albstein, Esq of Goldberg Weprin Finkel Goldstein, LLP. Title was provided by John Martin, Esq of the All New York Title Agency.