Sale of 76,529-Square-Foot Pelham Bay Professional Center in Bronx, N.Y. Offers Opportunities for Retail and Residential Development and Expansion
The Hampshire Companies, a full service, private real estate investment firm, announces the sale of the 76,529-square-foot Pelham Bay Professional Center in Bronx, N.Y. to Rester USA, LP. The multi-tenant mixed use retail and medical office property is currently anchored by CVS Pharmacy as well as other national tenants including Dunkin Donuts/ Baskin Robbins and Subway. The sale also provides Rester USA, LP with additional retail and potential residential development opportunities along Bruckner Boulevard.
The two-story property is situated on 1.77 acres at the corner of Bruckner Boulevard and Westchester Avenue boasting 300 feet of frontage on Bruckner Boulevard and 418 on Westchester Avenue along with 92 parking spaces. Pelham Bay Professional Center is 73% occupied by a mix of retail and medical tenants including Industrial Medicine Associates and New PrimeCare.
“The Bronx is third most densely populated county in the United States and the surrounding areas are also seeing continuous growth in recent years. Pelham Bay Professional Center sits in the middle of a strong real estate market with excellent demographics and amenities. The property is poised for expanded mixed-use development and redevelopment,” said Derek Gardella, Portfolio Manager for The Hampshire Companies. “The location, transit options and density of the surrounding neighborhood also makes this an extremely attractive near-term value-add opportunity with additional retail and residential development potential on site.”
The buildings’ visibility from Interstate 95, offers high traffic flow with over 130,000 cars passing by the property daily. It’s also highly accessible via public transportation with three bus stops nearby offering direct service to Manhattan and Co-Op City and the first and last stop of the number 6 subway line across the street. Pelham Bay Park, the largest park in New York City, is adjacent to property with two golf courses, a public beach and miles of trails winding throughout the park. Three hospitals are located within 1.25 miles of the property making it an in-demand location for medical tenants as well as retail clients.
The location presents a superior opportunity for retail and residential expansion. The potential conversion of medical suites to retail spaces along the 418 feet of frontage on Westchester Avenue could position the location as the finest retail location in the area. On a larger scale, the potential also exists to construct a mixed-use, transit oriented retail and residential property on this lot.
“Since acquiring the Pelham Bay Professional Center in 2007, we optimized its value while positioning it for sale to execute our investment strategy,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “At Hampshire we pride ourselves on our ability to acquire and reposition underutilized assets for sale in growing markets. This location fit within that strategy and we recognized that the time to sell was now. Given a high appeal in the marketplace, this property represents a strong value-add investment opportunity for the buyer.”
Jeffrey Dunne, David P. Gavin and Travis Langer of CBRE Capital Markets represented Hampshire in the transaction.
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About The Hampshire Companies
The Hampshire Companies is a full service, private real estate investment firm with assets valued at more than $2.1 billion based in Morristown. N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshirere.com.
