White Plains, NY Trion Holdings has completed its first acquisition of 2018. The firm acquired 500 Mamaroneck Ave., a 9,000 s/f multi-tenanted retail property. Situated on the southeast corner of Mamaroneck Ave. and Shapham Pl., the property features 180 ft. of wraparound frontage and co-tenancy in a densely populated suburban area.
500 Mamaroneck is near points of interest, including the Westchester and Galleria Mall as well as restaurants and pubs. The property was purchased as part of a 1031 exchange in which three smaller properties were sold in Yonkers at the end of 2017.
The deals were put together by Dominick Milio, senior vice president of acquisitions at Trion Holdings. RKF’s, Brian Segall and and George Martinecz brokered both sides of the transaction.
This acquisition followed $28.5 million in deals in 2017 and makes for a good start to the new year for the growing investment and management company.
Given the market appeal and presence on busy Mamaroneck Avenue, multiple parties were interested and actively competing for the purchase. When inquired on how the deal was won,
Carmelo Milio, chief investment officer and president of Trion Holdings said, “In addition to our strong presence in the market, I believe our reputation for acting quickly, dealing fairly, and performing as agreed were key to winning the deal. Although the deal is on the smaller size of our acquisition criteria, we uncovered above market returns as well as opportunity for future growth and development on the site.”
“Trion now manages over 2,400 units and has closed $33.65 million of acquisitions in the last eight months. We are poised to exceed that number in 2018 and to expand our holdings in the Tri-State and New York City metro area,” Milio said.