JERSEY CITY, NJ-Time Equities has acquired theground-floor retail of the luxury condominium at389 Washington St. for $2.8 million, says retail brokerageRKF, which represented the project’s developer,GTIS Partners, in the sale.

The 9,314-square foot retail space is situated in the 33-story,250-unit Luxury A Condominiums in the city’s Power StationArts District. It is 90% occupied, with tenants thatinclude Bright Horizons Childcare, Massage Envy, European WaxCenter and A+ Cleaners. New York City-based RKF was also theleasing agent for the property prior to the sale.

“After leasing 90% of it, GTIS decided to sell,” RKF EVPBarry Fishbach tells GlobeSt.com. The property wasmarketed for a few months, with Time Equities eventually winningthe day.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.