Trion Holdings Acquires Prime Retail Center at 500 Mamaroneck Avenue
NEW YORK, NY – RKF, North America’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that its investment sales and advisory services group has arranged the sale of a fully-leased retail property at 500 Mamaroneck Avenue in White Plains for $5,150,000, approximately $569 per square foot. The sale closed on January 18, 2018.
The 9,050 square foot property boasts 180 feet of wraparound frontage and is leased to Bank of America, Hilda Demirjian Laser and Skin Care Center, and Irish-themed bar Dunne’s Pub.
The sale was arranged by RKF Vice President Brian Segall and Associate George Martinecz on behalf of the seller, Tahl Propp Equities, a leading Manhattan real estate investment, development and management company as its exclusive agent. The RKF team also brought the buyer, Trion Holdings, to the transaction. Trion specializes in acquiring multi-family properties in New York City and the Tri-State area.
While Trion typically purchases residential properties, the firm was drawn to the property by the mix of popular local service retailers in the area, the stability of the asset’s tenancy, and the proximity to two of Westchester County’s most desirable shopping malls: The Westchester, a luxury retail destination owned by the Simon Property Group, and The Galleria at White Plains. The sizable footprint for future development was another key factor.
Situated on the southwest corner of Shapham Place and Mamaroneck Avenue, 500 Mamaroneck “book ends” the lower half of a high-density retail strip. In addition to The Westchester and Whole Foods Market, the property is near a variety of local and national retailers, such as Chase, Citibank, Morton’s Steakhouse, The Brazen Fox, Mamaroneck Avenue Food Market, and Araras Coffee & More. It is also convenient to such transit options as the Bronx River Parkway, Interstate 287 and Metro North.
“Secondary markets like White Plains will continue to see strong population growth, which points to an ongoing shift in retail. New suburban residents and young families are driving the demand for more service-oriented retailers in the area,” explained Segall. “500 Mamaroneck Avenue is a terrific investment opportunity as it offers tremendous value and a highly desirable opportunity for future retail development.”
The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $40 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout North America for leading retailers, restaurants, owners, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco, Tokyo and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.
RKF’s New York City office is located at 521 Fifth Avenue, Floor 7, New York, NY 10175.
T: 212.599.3700. www.rkf.com