(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)
NEW YORK CITY-Sheldon Good & Co., an affiliate of private equity fund Racebrook Capital, is selling a portfolio of 31 commercial real estate properties in three states, GlobeSt.com has learned. The properties, which include development sites and gas stations with convenience stores, are located throughout New Jersey, Florida and Pennsylvania.
The sale represents an immediate opportunity for an investor or developer to acquire a wide range of properties, from ready-to-build parcels to profitable roadside businesses along highly trafficked routes, according to the company. The assets can be purchased individually, in small groupings or as a complete portfolio by submitting bids through its website, SheldonGoodOnline.com. It will conclude on Aug. 23.
The properties are located in established retail corridors with major retailers and in secondary markets that are available development. Cities include Clearwater, Cape Coral and Ocala in Florida; Philadelphia; Phoenix and Coatesville in Pennsylvania; and Lakewood, North Brunswick, Bayonne, Brick, Englewood, Jersey City, Mt. Laurel, Orange, Paramus and other locations in New Jersey.
Mark Troen, COO of Sheldon Good and Co., tells GlobeSt.com that the properties are "extremely well-located" sites that offer development or repositioning opportunities. "It's that kind of portfolio," he says, noting that already, "lots of equity players" are showing a "huge interest" in the pool. "We are going to get developers who really understand the retail corridors, and they are going to look to buy groups of properties. We believe most of the purchasers will understand the retail business, they understand traffic, they understand the redevelopment of what had been, historically, well-located properties."
According to Sheldon Good & Co. provided to GlobeSt.com, 22 of the 31 properties are commercial development sites, eight are net leased gas stations with convenience stores and one is a net-leased retail store. The parcels range in size from 8,700 square feet to 103,834 square feet, making it ideal for a multi-tenant retail/office building, fast-food franchise or convenience store, Troen says.
Racebrook, originally a portfolio company of Warburg Pincus, has executed in excess of $23 billion in commercial real estate transactions and advisory assignments. A full list of the properties can be found below:
Click to Enlarge Image
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.
