New York, New York – Today we have information on a recent Triple Net Lease Property transaction. North Miami Beach Equity One has entered into the Manhattan area with this Net Lease Investment acquisition. Equity One purchased a commercial property, a retail condominium at Trump Palace for $21 million. Their other New York Investment Property purchase was the acquisition of Westbury Plaza, for $103.7 million in October 2009.
Equity One is a shopping mall developer from North Miami Beach, Florida. They own or have investments in 185 properties around the country, including 171 shopping centers. This last April, Equity One acquired Copps Hill Plaza in Ridgefield, Connecticut, for $33.4 million. At the time of the acquisition, the retail shopping mall was 100 percent leased. This Investment Property has anchor tenants such as Stop & Shop and Kohl’s. Their Investment Property, Westbury Plaza mall includes a Walmart and Costco and has an adjacent 22-acre development site. Westbury Plaza is a 400,000 square-foot retail shopping center located at 1220-1250 Old Country Road in Nassau County, Long Island. Westbury Plaza also has leases with Tenants like Marshalls, Sports Authority and Borders (30,550 square feet leased). This retail shopping center also leases space to restaurant chains Ruby Tuesday, Olive Garden, and California Pizza Kitchen. Westbury Plaza was built in 1993 and was last renovated in 2004. Most recently, Equity One acquired three shopping centers in Florida for a total of $64.7 million.
Back to the Investment Property just acquired in Manhattan, it is a 27,700 square-foot retail condo. This commercial retail condominium is at the base of 1175 Third Avenue, between 68th and 69th streets. This Triple Net Lease Property is occupied by a Food Emporium. Food Emporium is on a triple net-lease to Great Atlantic & Pacific Tea. This triple net lease term on the space goes out for another 50 years. This supermarket is not expected to move any time soon because of their current rents on this triple net lease. The rents being paid are only approximately 20 percent of current market rents.
This Triple Net Lease Investment is another example of focusing on acquiring retail assets with rents that are significantly below market in trade areas with high barriers to entry.
Feel free to Contact us now to sell your existing Net Lease Properties portfolio. We have relationships with 1,000’s of commercial real estate investors interested in purchasing net lease investments. We provide tremendous marketing and exposure for your net lease properties, resulting in the highest pricing and quicker closings.
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