Dealmaker: C&W Sells Mixed-Use, Multifamily Properties for $58M

Cushman & Wakefield, New York, sold a mixed-use building at 145 East 125th Street along Harlem’s 125th Street retail corridor for its client the Kessner family.

The mixed-use retail and office property traded for $27 million.

Cushman & Wakefield Executive Managing Director Robert Shapiro handled the transaction with Chairman Bob Knakal and Executive Managing Director Jonathan Hageman.

“We received a tremendous amount of interest from investors,” Shapiro said. He noted that the asset’s location on top of the Lexington Avenue subway line and the 3.5 million square feet of new development happening within a two-block radius made it appealing.

The fully occupied six-story elevator building totals 36,000 gross square feet. It includes three ground-floor retail tenants and one office tenant. The Salvation Army has signed a lease to occupy the building’s five upper floors.

Shapiro said the retail tenants benefit from the building’s 160-foot frontage along East 125th Street and Lexington Avenue.

In Chattanooga, Tenn., Cushman & Wakefield sold the Springs at Chattanooga apartment community to PointOne Holdings for $31 million. C&W Executive Managing Directors Jimmy Adams and Tyler Averitt joined with Vice Chair Marc Robinson to represent the seller.

The Springs at Chattanooga community, which delivered last year, occupies more than 15 acres within one mile of Chattanooga’s core. The 1.9-million-square-foot Volkswagen assembly plant and the one-million-square-foot fulfillment center are one interstate exit away.

“Like other recently delivered deals in northeast Chattanooga, this asset leased up very quickly,” Adams said. “The buyer, PointOne Holdings, was able to obtain almost 80 percent leverage with Freddie Mac, despite recently stabilized occupancy and collections, and they have planned an amenity upgrade campaign.”

Point One Holdings will rename the property Hunter’s Point, Adams said.