There’s a brand new top-dollar sale in Hamptons retail historical past.
Los Angeles-based Runyon Group paid $39 million for a pair of retail properties in Water Mill, Behind the Hedges reported. The properties should not instantly adjoining however are close to each other and traded collectively.
The sellers had been Vault Improvement Companions and Ben Rinzler, who teamed as much as tie the belongings collectively in an assemblage. The 2 complexes mix to take 84 p.c of the hamlet’s gross leasing space.
The Hamptons Industrial Actual Property Workforce at Compass, led by Hal Zwick and Jeffrey Sztorc, organized and introduced the deal. Zwick revealed that Vault is leaving the hamlet with out disclosing Runyon’s plans for the buildings; the Runyon co-founders did beforehand seem earlier than the Southampton City Planning Board to debate beauty adjustments and shrinking areas.
Water Mill Sq. at 670 Montauk Freeway is occupied by eating places and eateries. It was owned by Rinzler since a minimum of 2008. Tenants on the 21,000-square-foot advanced, which additionally options workplace house, embrace Aplina Bakery, Hampton Kitchen and No. 1 Chinese language.
The Mill at 760 Montauk Freeway is a industrial advanced that spans 29,000 sq. ft. Vault bought the Water Mill procuring heart on Route 27 East in 2023 for $13.1 million, when it was occupied by Provisions Pure Meals Market, Tight Medical Spa, Water Mill Wine & Spirits and Hamptons Float. There’s additionally a Tesla Supercharger station within the 154-spot parking zone.
The earlier document for costliest retail sale within the Hamptons belonged to Excelsior Improvement’s Jeremy Morton, who paid $30 million for 2 Sag Harbor properties final February.
Runyon will get its identify from the favored Hollywood climbing spot, Runyon Canyon. Co-founders Joseph Miller and David Fishbein started out serving to specialty manufacturers, reminiscent of upscale skincare label Aesop and Blue Bottle Espresso, discover actual property, increasing into improvement with the Platform venture in Culver Metropolis in 2016.— Holden Walter-Warner
