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Union Investment, Nuveen Sell Upper East Side Retail
Union Investment and Nuveen Real Estate have sold their 1511 Third Ave. retail property on Manhattan’s Upper East Side to San Francisco-based Stockbridge. Terms of the sale were not disclosed. Union Investment acquired the retail property in 2016 as part of a closed joint venture deal with Nuveen Real Estate (then TH Real Estate) for its open-ended real estate fund Unilmmo: Global, which held a 49% stake.
The fully leased property spans approximately 17,500 square feet over four floors plus a basement. The main portion of the ground floor and basement is leased Gap. The upper floors are occupied by luxury fitness company Equinox.
“In a transaction market still characterized by limited transaction activity and high U.S. interest rates, we took the opportunity to sell the retail property,” said Kseniya Merritt, SVP and head of retail investments North America at Union Investment. “The exit is being made for strategic portfolio reasons and improves the fund’s liquidity position.”
The CBRE New York retail team, lead by Doug Middleton and Jack Stillwagon, brokered the sale.
- ◦Sale/Acquisition
