Union Investment and Nuveen Real Estate have sold the 1511 Third Ave. retail property on the Upper East Side of Manhattan. The purchaser was Stockbridge.
Financial details of the transaction were not disclosed. Union Investment acquired the retail property in 2016 as part of a closed joint venture deal with Nuveen Real Estate, then TH Real Estate, for its open-end real estate fund UniImmo: Global. The fund holds a 49 percent stake.
The transaction, in the Prime Urban Retail category, comprised four retail properties in the United States and marked the Hamburg-based real estate investment manager’s entry into the U.S. retail market. In 2024, Union Investment and Nuveen Real Estate sold the 636 Sixth Ave. retail property in the Flatiron District of Manhattan from the joint venture portfolio. UniImmo: Global continues to hold a 49 percent stake in the two other retail properties acquired in the joint vent
