YONKERS-YNR Management of Bayside has purchased the leasehold interest in the Yonkers Shopping Center on Central Avenue here for $11.8 million. CB Richard Ellis reports the Queens-based firm paid $209.36 per sf in the transaction. The seller of the leasehold interest on the 56,361-sf property was not disclosed.
The one-story shopping center is 92% leased and is anchored by a 28,054-sf Staples store. Other major retail tenants include Lucille Roberts, which leases a 9,000-sf store and Outback Steakhouse, which leases 6,743 sf of space at the center.
The property is located on a 6.3-acre parcel that operates under a leasehold agreement that expires in 2047, CBRE officials say. The shopping center was originally built in 1972 and was renovated eight years ago.
Jeffrey Dunne and Ryan Bassett of the CBRE's New York Tri-State Region Institutional Group represented the seller in the transaction.
"Yonkers Shopping Center caters to a densely populated affluent consumer base and offers a stable cash flow with the opportunity to increase the below market shop space tenant rents to market rates over time," Dunne states. "YNR Management should fare well with this asset.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.