Capstone announces acquisition of Edgewater Marketplace for $20 million

Capstone Realty Group, the distressed debt and opportunistic buyer of commercial real estate, announces the acquisition of the Edgewater Marketplace, a 80,000 s/f retail center located at 715 and 725 River Rd., anchored by Trader Joe's for $20 million. "We plan to upgrade and modernize the Edgewater Marketplace and aggressively seek high quality tenants for the vacant space," said Capstone managing partner Rob Friedberg. "Our core strategy is to acquire well located commercial properties like the Marketplace at a low cost basis." Capstone also announced plans to capitalize on the property's Hudson River/New York City views with updated seating and dining areas along the Hudson River boardwalk, according to Friedberg. Capstone hired Ripco Real Estate of Lyndhurst, NJ. to be the leasing agent for the Edgewater Marketplace. "We plan to bring the property to market with an aggressive leasing strategy," said Capstone managing partner Mitchell Adelstein, who explained the property has not had an outside leasing agent in over 10 years. "There is only 16,000 s/f available in units ranging from 1,000 s/f to 4,600 s/f. We anticipate that the vacant space will lease quickly to both national and regional credits." The Edgewater Marketplace shares a parking field with the Binghamton Ferryboat restaurant and nightclub, the only permanently moored floating restaurant along the Hudson River, that is currently closed and awaiting reuse. "We believe there is strong demand for retail space with a one-of-a-kind riverfront location and Manhattan views that is unique to the Marketplace. "Our center features unobstructed river views of the Hudson River and the Manhattan skyline and we plan to work aggressively to pursue tenants that will benefit from this unique location," said Capstone managing partner Brad Gillman.