A joint venture of L&L Holding Company, Normandy Real Estate Partners and an institutional investor advised by J.P. Morgan Asset Management has closed on the $880-million acquisition of Terminal Stores, a 1.2 million square-foot complex in West Chelsea, with large-scale redevelopment plans.
The partnership acquired the 127-year-old property, which spans an entire block, from Waterfront New York and GreenOak Real Estate Advisors LP.
The acquisition and subsequent redevelopment of the Terminal Stores will be financed in part by $520 million in equity from Normandy, L&L, J.P. Morgan, and other institutional investors. In addition, Blackstone Mortgage Trust has led the $650-million acquisition and predevelopment loan with Apollo and Goldman Sachs as co-lenders.
CBRE’s Darcy Stacom and Bill Shanahan represented the seller. There were no outside brokers for the buyer. The CBRE Debt & Structured Finance team of James Millon, Tom Traynor, Ethan Gottlieb and PJ Finley arranged the $650-million acquisition financing.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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