Boston-based TA Realty largely dabbles within the industrial sector, however is taking an opportunity on a pair of retail properties on Staten Island.
James Raisides’ agency acquired two buildings within the borough’s New Dorp Seaside neighborhood for a mixed $79.2 million, the Industrial Observer reported. The deal for 2 properties breaks all the way down to roughly $430 per constructed sq. foot.
An affiliate of the Bregman Group, led by Paul Bregman, bought the buildings at 2712 Hylan Boulevard and 2754 Hylan Boulevard. Each are a part of the Tysens Park Procuring Heart; the previous is occupied by Rumble Boxing Fitness center, whereas the latter is occupied by Cease & Store.
Each purchaser and vendor failed to instantly reply to requests for remark from the publication.
What might show most attention-grabbing to TA Realty is the properties’ potential for redevelopment. Whereas the buildings solely span 184,000 sq. ft of constructed house, they embrace one other 632,000 sq. ft of air rights, in accordance with PincusCo. Which means TA Realty, which owns roughly 230 websites within the nation, has 819,000 sq. ft of buildable house to play with as-of-right.
In February, TA Realty bought a 273-unit NoDa Flats residence advanced in Charlotte to Richmond, Virginia-based GrayCo for $75 million. The sale marked a close to break-even exit for the Boston-based funding supervisor, which bought the property in 2021 for $74.2 million. It additionally represented an exit from the Charlotte marketplace for the agency.
Bregman doesn’t seem to have many extra properties to exit from lately. Its portfolio seems to be restricted to a few Lengthy Island holdings: Kohl’s Plaza Procuring Heart in Lake Ronkonkoma, Jayne Plaza in Port Jefferson Station and a Popeyes Louisiana Kitchen in Shirley.
Elsewhere on Staten Island, Wagner Faculty just lately agreed to purchase St. John’s College’s 16.5-acre Staten Island campus in Grymes Hill. The acquisition value was not disclosed, however the campus was final asking $35 million.
Wagner, which relies 1 / 4 mile away, plans to combine the campus into its tutorial footprint.
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