Onyx Equities Acquires Retail Jewel in Whitestone, New York
Onyx Equities, LLC, a leading private real estate investment, development, and management firm, today announced that it has closed on the acquisition of a prominent grocer-anchored retail center through its Phalanx Fund II the company in Whitestone, New York.
The center, located in Whitestone, NY, was built in the 1980s as a sale-leaseback by Great Atlantic & Pacific Tea Company (“A&P”) and was developed to house a 40,000 square foot Waldbaum’s and approximately 25,000 square feet of retail and office space. The site is currently master leased by A&P who affirmed this leasehold in bankruptcy and, upon executing Chapter 11 a few weeks back, announced plans to upgrade the center.
“A grocer anchored center in Queens, New York will provide further strength and diversity to the Onyx retail portfolio,” said Stephen Sullivan, Senior Vice President of Investments at Onyx who led the acquisition. “It’s very rare to see a New York City grocer-anchored retail center trade and we are excited to have the opportunity to purchase the center.”
“When Steve joined Onyx last year, we only hoped that his relationships would present us with such a gem,” said John Saraceno, Jr., Managing Principal of Onyx. “We thrilled to add this prime retail property to our portfolio.
Some of the other retailers occupying the center include Astoria Federal Savings Bank, an Italian restaurant and others. “A&P’s affirmation of the master lease in bankruptcy demonstrates the importance of this location to its portfolio of grocery locations, stated Jared Minatelli, Senior Vice President of Asset Management for Onyx.
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. Since its founding in 2004, Onyx has acquired more than $850 million worth of real estate assets across the tri-state region. The company currently owns, manages or is the appointed receiver for 12 million square feet of office, retail, industrial, and self-storage properties located in New Jersey, New York, Connecticut and Pennsylvania. For more information on Onyx Equities, contact the firm at (732) 362-8800, or visit www.onyxequities.com.