According to Louis Sheinker, a partner in Lighthouse, the size and location of the Varsity site provided a strategic solution for Avis' business development needs. Equally important, the transaction also enabled the Transit Alliance to realize the full market value of an underperforming asset, he adds.
Lighthouse Retail Partners is also representing the Transit Alliance in the leasing of the depots occupied by three other subsidiaries including Green Bus Lines, Triboro Coach and the Jamaica Bus companies. In total, these properties represent more than 1.1 million sf of commercial space in Queens and Brooklyn. These Transit Alliance properties are being marketed in anticipation that the company's private bus operations will be assumed by the Metropolitan Transit Authority, as previously announced by Mayor Bloomberg's office.
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