HGI acquired the property in October 2012 for $10.25 million.
The buyer is LargaVista Companies, a real estate development, investment and management company headquartered in New York City.“HGI continues its commitment to New York City’s real estate market and we are actively investing in street-level urban retail properties in top markets throughout the U.S. and abroad,” said T. Richard Litton, Jr., President of HGI. “The performance of the Harlem property provides further validation of our investment strategy which includes retail acquisitions in markets such as New York City, Washington, D.C., andLondon, U.K.”
246-248 West 125th Street is a single story net leased retail building constructed in 1973 and located at the heart of the Harlem retail corridor. The asset is 100 percent leased to two tenants, City of Gold and Children’s Place, with long-term in place leases. Located across the street from the famous Apollo Theatre, 246-248 West 125th Street is located in the center of the heavily trafficked 125th Street retail strip.
“LargaVista’s real estate investment portfolio consists of assets with substantial long term growth and development potential. The 125th Stcorridor is uniquely positioned for substantial continued investment and we are excited to be a part of that,” said LargaVista’s Chief Executive Officer Marcello Porcelli (source).