Dunne, Gavin and Langer of CBRE represent The Hampshire Companies in the sale of Pelham Bay Professional Center

Bronx, NY Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented The Hampshire Companies in the sale of Pelham Bay Professional Center. The team was also responsible for procuring the buyer, a private investor based out of Canada. The sales price was not disclosed. Pelham Bay Professional Center is a 76,529 s/f mixed use retail and medical property situated in an extremely dense, heavily trafficked area of the Bronx at the corner of Bruckner Blvd. and Westchester Ave. The property is directly adjacent to public transportation, including the first and last stop on the #6 subway line, multiple bus stops providing express buses to Manhattan and Co-Op City, and also fronts on and is highly visible from I-95 (131,875 cars per day). The Property is 73% leased and anchored by strong retail tenants including CVS, Dunkin Donuts and Subway, as well as a diverse mix of medical users, providing a stable in-place NOI with significant upside potential. Dunne said, “Pelham Bay Professional Center provided a highly unique opportunity to acquire a value add, transit-oriented property in the Bronx. We expect the buyer will fare well due to the Property’s strong in-place income, upside opportunity through lease-up of the vacancy and the property’s longer term redevelopment potential.” CBRE’s Metro NY National Retail Partners has a number of attractive retail investment opportunities on the market, including: Wilton River Park Shopping Center, a 168,000 s/f Stop & Shop anchored center in Wilton, CT; and Mill Creek at Harmon Meadow, a 424,000s/f dominant power center situated 4 miles from Manhattan in Secaucus, N.J.