Case Studies

Bronx Retail Portfolio

 

BESEN RETAIL: Bronx Retail Portfolio

 

Description: Our investment sales team was retained as exclusive agent to sell a portfolio of mostly single-story retail properties across the Bronx.  This portfolio consists of 11 buildings containing 101 stores, and totals more than 90,000 SF of retail plus 8,500 SF of office space.  After the sale of the portfolio to BLDG, one of the largest private owners in New York, our retail leasing team was selected as exclusive leasing agent.  Upon commencement of the assignment, the portfolio had significant vacancies.  The assignment was to first analyze the properties, recommend necessary renovations and marketing strategies to fully lease it up.  Since 2007, our team has completed more than 45 leases, leasing space to a diverse mix of national and local tenants.  Tenants include Metro PCS and Cricket Wireless, restaurants and grocers, law offices and related legal services, hair and nail salons, and many more.  Value-add strategies have been implemented, such as vacating tenants and combining spaces to accommodate larger tenants.  One example: four spaces were combined to create the Green Star Day Care Center on Wallace Avenue.  Currently, the portfolio is more than 94% leased, with several deals pending.  Over the years, the scope of the assignment has been expanded to include properties and transactions in other areas of the Bronx, upper Manhattan and Long Island.

 

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