Vanbarton buys new Bronx shopping center for $133M

BJ's to anchor the two-building Riverdale Crossing in Kingsbridge

New York /
Oct.October 08, 2015 03:56 PM

The Vanbarton Group picked up Riverdale Crossing, a new shopping center in the northwest Bronx, for $133 million, just days after construction wrapped.

BJ’s Wholesale Club is set to anchor the two-building, 159,000-square-foot complex along West 237th Street when it opens in January. All other businesses that have inked leases already moved in, starting in December 2014.

Joseph Farkas’ Jericho-based Metropolitan Realty Associates, in partnership with Midtown-based investment manager Angelo, Gordon & Co., developed the shopping center with plans to sell it after finishing construction.

Riverdale Crossing is now 98 percent leased. Other tenants include Petco, Smashburger, Buffalo Wild Wings, CityMD and Chipotle.

The complex’s developers paid $18.6 million for the site, formerly the home of the Stella D’Oro factory, in 2011, records show. The site is located between Broadway and Major Deegan Expressway in the Bronx’s Kingsbridge neighborhood.

Vanbarton, formerly known as Emmes Asset Management, plans to continue leasing up the complex.

“The outer boroughs are under-retailed,” Vanbarton’s Seble Williams said in a statement. “Riverdale Crossing responds to the significant unmet consumer demand in the Bronx.”

Eastdil Secured’s Adam Spies, Douglas Harmon and Adam Doneger represented the seller in the deal.

Vanbarton entered contract in July to buy the ground lease at 31 Penn Plaza from Savanna for $270 million.


Related Articles

arrow_forward_ios
HFZ Capital Group's Ziel Feldman, a rendering of 29th&5th and Marble Collegiate Church (Getty, HFZ)
HFZ, Marble Collegiate Church lose NoMad development site
HFZ, Marble Collegiate Church lose NoMad development site
Ziel Feldman and the proposed development (Getty, HFZ)
Lender schedules foreclosure auction at HFZ’s Nomad site
Lender schedules foreclosure auction at HFZ’s Nomad site
84 William Street with Vanbarton Group's Gary Tischler and Richard Coles (Google Maps)
Vanbarton takes control of Prodigy Network’s William Street hotel
Vanbarton takes control of Prodigy Network’s William Street hotel
Rodrigo Niño, 17 John Street and 85 West Broadway (Credit: Prodigy Network, Google Maps)
Crowdfunding firm seeks $30M bailout for second commercial building
Crowdfunding firm seeks $30M bailout for second commercial building
305 East 46th Street (Credit: iStock)
Japanese firm lands $84M financing for Midtown East buy
Japanese firm lands $84M financing for Midtown East buy
Cory Elbaum
Angelo Gordon taps new real estate exec after $2.75B fund raise
Angelo Gordon taps new real estate exec after $2.75B fund raise
From left: The Vanbarton Group's Richard Coles, Gary Tischler and 45 West 45th Street
Vanbarton Group to sell Midtown office building for $126M
Vanbarton Group to sell Midtown office building for $126M
901 Fifth Avenue in Downtown Seattle and Vanbarton Group's Richard Coles and Gary Tischler (Credit: Wikipedia)
Vanbarton’s $1B gateway cities fund closing in on big Seattle buy
Vanbarton’s $1B gateway cities fund closing in on big Seattle buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...