Vanbarton Group acquires 159,037 s/f Riverdale Crossing for $133 million; Spies, Harmon and Donege of Eastdil Secured rep seller, Angelo Gordon & Co. and Metropolitan Realty Advisors

Riverdale Crossing, Broadway and West 237th Street - Bronx, NY

Bronx, NY Vanbarton Group LLC has acquired Riverdale Crossing, a shopping center anchored by a soon-to-open BJ’s Wholesale Club for $133 million. The transaction closed on October 8^th.

Riverdale Crossing is a 159,037 s/f transit-oriented development located at Broadway and West 237^th St., at the foot of the 1-subway line (238^th St.) and adjacent to the Major Deegan Expressway (I-87, West 240^th St. exit). The shopping center was developed and sold by Angelo Gordon & Co. in a joint venture with Metropolitan Realty Associates and is 98% leased to nationally recognized retail tenants.

“The outer boroughs are under-retailed. Riverdale Crossing responds to the significant unmet consumer demand in the Bronx. The center will no doubt benefit from a terrific tenant mix, as well as ideal transportation access and visibility,” said Seble Williams, managing director for the NYC Vanbarton Interborough Fund.

Vanbarton Group has been active in the market lately with the recent acquisitions of 31 Penn Plaza, an 18-story, 444,000 s/f office building in Midtown South and  47-16 Austell Place (aka The Zipper Building) in LIC where the firm recently leased the entire 4^th floor to the Joffrey Ballet Center. Vanbarton Group also recently refinanced 180 Water St., an office to rental residential conversion in Lower Manhattan.

Riverdale Crossing anchors the northern end of the Broadway Retail Corridor, which has been transformed into a retail destination. The shopping center serves as one of the first borough locations for many leading retailers and popular restaurants including Petco, CityMD, Chipotle, Smashburger and Buffalo Wild Wings. Riverdale Crossing represented an opportunity for Vanbarton Group to acquire a brand new, truly irreplaceable retail center with national tenants on long-term leases.

The seller was represented by Eastdil Secured’s Adam Spies, Douglas Harmon and Adam Donege. Acquisition financing was provided by Northwestern Mutual through its $195 billion general account investment portfolio, whose assets back the company’s insurance and annuity products. Purchaser’s transactional counsel was Hunton & Williams LLP.