Ginsberg of CCIRE handles Knolls Shopping Center: $10.6m

Cohen and Company, Inc. Real Estate (CCIRE) has sold the Knolls Shopping Center in the Riverdale neighborhood. Lou Ginsberg, managing director of CCIRE, represented both seller and buyer in the $10.6 million ($730 per s/f) sale and purchase of Knolls Shopping Center in an off-market transaction after private ownership of almost 40 years. The Knolls Shopping Center is located at 11-21 Knolls Crescent, a retail destinations in Riverdale. With 14,522 s/f, the property is anchored by Chase Bank, Rite Aid, Ben's Grocery and various long-term shop tenants. The center has been virtually 100% occupied since it was built in 1955, reflecting it's infill location surrounded by high rise apartment buildings. According to Ginsberg, "most of the tenants in the center would love to expand." The property went directly to title in an all cash transaction with no contract or due diligence period, reflecting the strength of the purchaser, a private New York real estate family. The property was sold by the Zwerdling and Berman families.