Jamestown Acquires 280 KSF Bronx Mixed-Use Asset
- Dec 19, 2017
Jamestown LP, a nationwide real estate investor, has acquired a Class A office and retail building in the Bronx. The property commanded a sale price of approximately $115 million, according to Crain’s New York. The seller, Acadia Realty Trust, purchased the property in 2005 from 421 Melrose LLC for $49 million. An HFF team led by Michael Tepedino and Andrew Scandalios represented the seller in the transaction and secured the buyer.
Located at 260 E. 161st St., the 10-story building contains 245,470 square feet of office space above 20,572 square feet of street-level retail. The property is a ten-minute walk of various public transportation options, including the Melrose station on the Metro-North train line, the B and D subway lines, and numerous bus routes. Interstate 87 is also less than one mile from the property. Connected to the building is the recently redeveloped Concourse Plaza shopping center, which features more than 1,200 parking spaces, a grocery store and a cinema.
Built in 1930, 260 E. 161st St. was completely renovated in 2016. A number of office tenants occupy the upper floors of the building, including The City of New York, The Legal Aid Society and Montefiore Medical Center. On the ground floor, Walgreens, Starbucks and Chipotle are among the existing retail tenants.
Other recently renovated office assets have been sold for record prices throughout this year in New York, including the $500 million sale of the Twitter and Red Bull headquarters.
Image via Google Street View