JERSEY CITY, NJ-Time Equities has acquired the ground-floor retail of the luxury condominium at 389 Washington St. for $2.8 million, says retail brokerage RKF, which represented the project’s developer, GTIS Partners, in the sale.
The 9,314-square foot retail space is situated in the 33-story, 250-unit Luxury A Condominiums in the city’s Power Station Arts District. It is 90% occupied, with tenants that include Bright Horizons Childcare, Massage Envy, European Wax Center and A+ Cleaners. New York City-based RKF was also the leasing agent for the property prior to the sale.
“After leasing 90% of it, GTIS decided to sell,” RKF EVP Barry Fishbach tells GlobeSt.com. The property was marketed for a few months, with Time Equities eventually winning the day.
RKF EVP Jeff Fishman, director Brian Segall and analyst Jonathan Butwin also represented GTIS. Time Equities was represented in-house by Chris Pulling and Hy Schermer.
The building is a rare opportunity to find street level retail on the Jersey City waterfront, Fishbach adds.
“There aren’t too many residential buildings with retail at the base, and there’s not too much in the way of new construction,” he says. “The Jersey City waterfront per se doesn’t have a lot of street retail.”
The property is located across from the Washington Street Powerhouse, a Romanesque revival structure the city plans to transform into a retail, entertainment and gallery space.
“The location of this retail space makes it an excellent addition to our expanding portfolio,” Pulling said in a prepared statement. “Washington Street has undergone major redevelopment over the past decade, putting this property at the heart of the city’s blossoming cultural hub.”
The asking rent for the remaining 1,000 square feet of retail space is $40 per square foot, according to Time Equities’ website.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
