An affiliate of Dallas-based Paceline Equity Partners acquired the retail cooperative space at 106 Spring St. in SoHo. The acquisition for an undisclosed sum occurred through a UCC auction.
Located at the corner of Spring and Mercer streets, 106 Spring offers 4,880 square feet of ground-floor space in a well-trafficked area of SoHo benefiting from both mass market and luxury retail shopping demand.
Saying that New York will again be “one of the world’s premier shopping destinations” despite pandemic-driven challenges, Paceline CEO Sam Loughlin called 106 Spring “a unique asset, poised to benefit from the broader economic recovery in New York City and an improving retail environment in the SoHo neighborhood specifically.
“Paceline has a patient view of the recovery timeline for the SoHo retail property market that will enable us to take a pragmatic approach to re-leasing and focus on identifying a high-quality long-term tenant,” he continued.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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