A highly-sought after mixed-use property in Pelham Bay has been sold for potential retail and residential development.
On Wednesday, November 16, the Hampshire Companies, a full service, private real estate investment firm, announced the sale of the 76,529 square foot Pelham Bay Professional Center to Rester USA, LP.
Rester Management is a real estate firm owning, developing and managing office and residential properties primarily in the greater Montreal area.
Rester Management’s portfolio exceeds one million square feet of downtown Montreal office space as well as residential, commercial and industrial properties in eastern and western Canada and the United States.
Rester USA, LP is a company ran by Ira Sax with Canadian investors currently developing projects in Harlem, Brooklyn and Manhattan.
The Pelham Bay-based multi-tenant mixed use retail and medical office property anchored by CVS Pharmacy, Dunkin Donuts/Baskin Robbins and Subway is Rester USA, LP’s first Bronx project.
“We have a couple of different visions for this property,” said Sax.
The sale provides Rester USA, LP with additional retail and potential resident development opportunities along Bruckner Boulevard.
The two-story property situated on 1.77 acres at the corner of Bruckner Boulevard and Westchester Avenue boasts 300 feet of frontage on Bruckner Boulevard and 418 feet on Westchester Avenue along with 92 above ground parking spots.
Pelham Bay Professional Center is 73% occupied by retail and medical tenants including Industrial Medicine Associates; New PrimeCare; Universal Physical Therapy; Doshi Diagnostics Imaging; Bronx Ear, Nose and Throat Associates; Advanced Dermatology Associates and Surgicare Ambulatory Center.
“Pelham Bay Professional Center sits in the middle of a strong real estate market with excellent demographics and amenities,” explained Derek Gardella, Hampshire Companies portfolio manager. “The property is poised for expanded mixed-use development and redevelopment.”
Gardella added, “the location, transit options and density of the surrounding neighborhood make this an extremely attractive near-term value-add opportunity with additional potential retail and resident development on site.”
The property’s proximity to Montefiore Hutchinson Campus, Albert Einstein College of Medicine, Jacobi Medical Center, Calvary Hospital and Montefiore Westchester Square Hospital make it an in-demand location for medical tenants and retail clients.
The possible conversion of medical suites to retail space along the 418 feet of frontage on Westchester Avenue could make it the finest retail location in the area.
The potential also exists to construct a mixed-use, transit-oriented retail and residential property on this parcel.
Since acquiring the Pelham Bay Professional Center in 2007, the Hampshire Companies has optimized its value while positioning it for sale to execute its investment strategy, said Igor Derbaremdiker, Hampshire Companies director of dispositions.
“At Hampshire, we pride ourselves on our ability to acquire and reposition under-utilized assets for sale in growing markets,” expressed Derbaremdiker. “This location fits within that strategy and we recognized that the time to sell was now.”
“We hope to meet with them one day to discuss what they plan for the location,” Martin Prince, Community Board 10 chairman.