NEW YORK CITY—Vanbarton Group has acquired Riverdale Crossing—a shopping center anchored by a soon-to-open BJ's Wholesale Club in the Bronx—for approximately $133 million. The shopping center was developed and sold by Metropolitan Realty Associates in a joint venture with longtime equity partner Angelo Gordon & Co. and is 98% leased to national retail tenants.
The buyer's transactional counsel was Hunton & Williams while the seller was represented by Eastdil Secured's Adam Spies, Shannon Ching, Adam Doneger, Doug Harmon, Brett Siegel and Jeff Organisciak. Acquisition financing was provided by Northwestern Mutual through its $195 billion general account investment portfolio.
Located at Broadway and West 237th/238th streets, the 159,037-square-foot transit-oriented development sits at the foot of the No.1-subway line, and is adjacent to the Major Deegan Expressway at the West 240th Street exit. Additional tenants at the complex will include Petco, CityMD, Chipotle, Smashburger,Buffalo Wild Wings, T-Mobile and Dunkin' Donuts.
“Riverdale Crossing responds to the significant unmet consumer demand in the Bronx,” says Seble Williams, managing director for the NYC Vanbarton Interborough Fund. “The center will no doubt benefit from a terrific tenant mix, as well as ideal transportation access and visibility."
Adds MRA president Joseph Farkas, “Riverdale Crossing has attracted well-known national retailers to serve Riverdale and Kingsbridge residents who have long been underserved by high-quality retail. For the buyer, Riverdale Crossing provides a long-term fixed revenue stream and is located in a desirable, infill location in the third most densely populated county in the nation."
Riverdale Crossing anchors the northern end of the Broadway retail corridor in the Bronx. According to Vanbarton Group, Riverdale Crossing represented an exceptional opportunity to “acquire a brand new, truly irreplaceable retail center with national tenants on long-term leases.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
