Regal Ventures Acquires Gristedes-Anchored Retail Condo
Regal Ventures, a New York City-based real estate investment firm, has acquired a 37,165-square-foot, grocery-anchored retail and parking condo at 897 Eighth Ave. in Midtown Manhattan’s Hell’s Kitchen neighborhood. The company purchased the property from Prudential Financial for $35,250,000.
The Hell’s Kitchen property’s retail component includes several well-established neighborhood outlets, including the Gristedes supermarket anchor, Pick a Bagel, Da Tommaso Ristorante, and Metro Cleaners. It also features Blank Street Coffee and the Mega Nail Spa.
This acquisition follows two comparable investments in Miami and Brooklyn over the past 18 months. “While the overall pace of retail sales has slackened considerably over the past few years due to the disruption from ecommerce, we’re seeing neighborhood retail in dense population areas continue to thrive and grow,” said Alex Smith, the firm’s co-founder and managing partner.
Morrison Street Capital provided a portion of the equity for the acquisition of the Eighth Avenue site.
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- ◦Sale/Acquisition