As retail surrounding the Bronx "eds and meds" corridor continues to gain momentum, Cohen Commercial Properties (CCP), has acquired 1800 Williamsbridge Rd., a 12,212 s/f, two-tenant net-leased corner retail property in the Morris Park submarket. It was acquired from seller Rock City MC, LLC for $11.425 million.
The property, located on the northwest corner of Williamsbridge Rd. and Morris Park Ave., is 100% occupied by a 4,669 s/f Citibank and a 7,543 s/f Walgreens. The building benefits from its close proximity to the Bronx Municipal Hospital Center, a sprawling medical center populated by several city and private hospitals, such as Jacobi Medical Center and Albert Einstein College of Medicine.
"Given the steady activity from the healthcare and medical office sector, we feel this site has tremendous upside potential," said Andrew Cohen, president and CEO of CCP.
The deal marks the second strategic retail acquisition for CCP in recent months. The company also recently acquired 2481 Adam Clayton Powell Blvd. in West Harlem, a 7,492 s/f single-tenant retail asset occupied by Citibank. In addition, the site benefits from 30,051 s/f of air rights, where the company plans to develop multifamily as-of-right in the future.
Sam Catton, senior director of acquisitions at CCP, along with Paul Trupia, director of acquisitions, represented CCP in-house on the Bronx acquisition, while Ken Zakin and Randall Liberman of Newmark Grubb Knight Frank represented Rock City MC on the deal.
Based in New York, Cohen Commercial Properties is a fully integrated and experienced investor, owner and operator of urban retail & open air shopping centers, enhancing value through active management and value add strategies. For more information, visit http://www.cohen-commercial.com/ Tags: