NEW YORK—The investment and management firm, Jamestown L.P., owner of Chelsea Market in Manhattan and Industry City in Brooklyn, purchased a 276,622 square foot building in the Bronx, for approximately $115 million.
Located at 260 East 161st St., the 10-story structure originally constructed in 1930 offers 245,470 square feet of office space and 20,572 square feet of retail space. According to Real Capital Analytics, the seller Acadia Realty Trust purchased the building in August 2005 for $49 million.
Renovated in 2016, the building includes office tenants, the City of New York, the Legal Aid Society, and Montefiore Medical Center, and retail tenants, Walgreens, Starbucks and Chipotle Mexican Grill. It is located in the heavily trafficked East 161st office and retail corridor in Concourse Village. The property is also close to city government buildings, borough courthouses and Yankee Stadium.
Holliday Fenoglio Fowler represented the seller and procured the buyer. HFF is also working on behalf of Jamestown to arrange financing for the asset.
Established in 1983, Jamestown has focused on income-producing property, with notably successful investments in emerging markets with seven properties in Brooklyn and Manhattan. Its investment on East 161st Street is the company's first investment in the Bronx. As a national real estate operator with property in nine states, it has approximately $11.2 billion of assets under management as of Sept. 30, 2017.
In addition, its related company, Jamestown US Immobilien GmbH, is based in Cologne, Germany. It focuses on European investors as well as portfolio and risk management of core funds for German investors.
The HFF investment advisory team representing Acadia included executive managing director Michael Tepedino, senior managing director Andrew Scandalios, managing directors Graham Stephens and David Giancola, and senior director David Fowler.
HFF's debt placement team representing Jamestown includes managing director Christopher Peck and senior director Peter Rotchford.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
