Home of M&M’s Times Square store for sale, asking $200M
Sherwood Equities recently inked candy shop to 15-year renewal
The home of the M&M’s store in the heart of Times Square is up for sale with an asking price of $200 million.
Sherwood Equities put its 27,000-square-foot retail condo at the base of 1600 Broadway on the market, the Wall Street Journal reported.
The property houses M&M’s World New York, owned by Mars Inc., which recently renewed the lease for a term of 15 years. The agreement comes with an annual 2.5 percent rent increase, according to the Journal.
A CBRE team of Darcy Stacom, Bill Shanahan, David Fowler and Doug Middleton is marketing the property.
Although tourism in New York City continues to rise, the Times Square submarket has not been unscathed by the retail slump. But the district’s long hours — many stores stay open until 2 a.m. — are encouraging some tenants to ink longer leases. Some are signing on for 15 years or more, while tenants in other parts of the city opt for shorter deals.
“Even with the last three years of a challenging retail market in terms of pricing, many are paying as much or more as they were,” Cushman & Wakefield’s Steve Soutendijk told the Journal. [WSJ] — Rich Bockmann