L&L, Normandy and J.P. Morgan Close on $880M Acquisition of Terminal Stores

The Terminal Stores building/ Photo by Betsy Kim

NEW YORK CITY—L&L Holding Company, Normandy Real Estate Partners and an institutional investor advised by J.P. Morgan Asset Management have closed on an $880 million acquisition of Terminal Stores, a 1.2 million square-foot building on the far west side of Chelsea in Manhattan. In August, Bloomberg reported the California State Teachers’ Retirement System was one of the investors. Although CalSTRS declined to comment to GlobeSt.com, Real Capital Analytics also lists the pension fund as one of the buyers.

The partnership acquired the property from Waterfront New York and GreenOak Real Estate Advisors LP. The $880 million acquisition and subsequent redevelopment of the Terminal Stores will be financed in part by $520 million in equity from Normandy, L&L Holding, J.P. Morgan and other institutional investors.  In addition, Blackstone Mortgage Trust has led the $650 million acquisition and predevelopment loan along with Apollo and Goldman Sachs as co-lenders.