X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-A partnership between Madison Marquette and Morristown, NJ-based SSR Realty Advisors acquires a 54-property portfolio of upscale, primarily urban retail assets totaling 400,000 sf for $120 million. The buildings’ locations in Manhattan, Miami Beach/Coral Gables, South Norwalk, CT, and Wellesley, MA, accounts for the $300-per-sf premium price.

The seller is locally based Starwood Urban Retail, which is a partnership between Starwood Group and Urban Retail. This portfolio is part of a 1.2-million-sf portfolio Starwood acquired in 2001 and put on the sales block this May.

Madison Marquette will be the operating partner for the New York, Massachusetts and Connecticut assets, which bring that company’s total urban retail management and ownership portfolio to over 2.2 million sf nationwide. Miami-based Terranova Corp., which is an equity partner in the Florida properties, will manage the assets located in that state.

The Florida facilities include eight fully leased retail buildings, aggregating 78,751 sf along Coral Gables’ Miracle Mile, and two buildings in the South Beach Section of Miami Beach, which aggregate 118,985 sf. The price tag for this 10-property group was just over $54 million, according to a published report.

Among the New York properties is 430 West 14th Street in Manhattan’s new and trendy meatpacking district. It aggregates 67,000 sf and is home to the Hogs & Heifers nightspot and Scoup boutique.

The five South Norwalk properties aggregate 159,000 sf in one of Fairfield County’s most popular dining and entertainment areas. The two Wellesley buildings aggregate 44,300 sf in one of Boston’s wealthiest suburbs.

In a statement, Jay Lask, SVP of acquisitions for Madison Marquette, calls the acquisition “a deepening commitment to urban retail –a sector we hope to grow tremendously.” Andrew Piekarski, an SSR Realty director, says of the partnership with Madison Marquette, “we look forward to continuing our relationship in pursuit of future opportunities.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.