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Los Angeles – July XX, 2022 – CBRE arranged the sale of the 131,645-sq.-ft. Lowe’s retail building in Vestal, N.Y. to ARC. Trust Equities, LLC for $20.2 million. The seller of the property located at 225 Sycamore Street was Goldrich Kest, one of California’s largest and most successful privately owned real estate investors, builders and property managers. CBRE’s Pat Wade and Alex Kozakov represented the buyer and the seller in the transaction.
Built in 1996, the retail building sits on a 14.5-acre parcel and is 100 percent occupied. The tenant Lowe’s has been in the space for 26 years and ranks within the top 10 percent of Lowe’s stores nationally based on customer visits. Additionally, the property is located in an easy-to-access location and has 795 parking spaces.
“Despite market disruptions in the retail industry, home improvement stores such as Lowe’s have proven to be resilient,” said Mr. Kozakov, senior vice president at CBRE. “Lowe’s investment-grade credit combined with a new lease extension of over 11 years made the offering attractive to the investment community. This resulted in more than 10 offers, with high demand from private REITs, DST facilitators, and 1031-exchange investors looking for a secure income stream,” added Mr. Wade. The building is directly adjacent to many large retailers at Town Square and Parkway Plaza centers and is situated between major thoroughfares including State Highway 17 and Vestal Parkway East. The Vestal area has over 54,288 residents and an average household income exceeding $70,318 within a three-mile radius.
According to CBRE research, U.S. retail real estate fundamentals continued to improve in Q1 2022, with strong absorption rents and a lower overall availability rate.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Goldrich Kest
Goldrich Kest is a privately owned family-run business that can trace its origins back more than 60 years to two entrepreneurs, Jona Goldrich and Sol Kest, holocaust survivors who parlayed their meager savings into a real estate empire. Today, their descendants, known within the company as “G2: The Next Generation,” continue to build upon the eponymous company’s ever-expanding portfolio of residential, commercial, industrial and retail projects. Among them are 125 apartment buildings with 13,864 units, 2,087 boat slips at 5 California marinas, 22 senior living facilities with 4,220 beds, and scattered throughout the US, more than 6 million square feet of commercial and industrial space. Goldrich Kest is committed to continuing its support and contribution to providing affordable housing to the residents and communities it serves. For more information about the company, visit goldrichkest.com.
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Contact Info:
Name: Frank Groff
Email: Send Email
Organization: Goldrich Kest
Address: 5150 Overland Ave, Culver City, CA 90230, United States
Phone: +1-562-225-9981
Website: https://www.goldrichkest.com/
Source: PressCable
Release ID: 89078405
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