Vanbarton acquires retail property in New York metro
The Vanbarton Group has acquired Riverdale Crossing in Bronx, N.Y., for approximately $133 million from Metropolitan Realty Associates and Angelo, Gordon & Co.
The 160,000-square-foot retail property is 98 percent occupied and home to BJ’s Wholesale Club, Bank of America, Chipotle, Petco and Smashburger. The property consists of two buildings on 5.2 acres.
Metropolitan Realty Associates and Angelo Gordon acquired the property in August 2011 for $18.8 million as a development site.
There have been $1.1 billion in retail transactions in the New York City boroughs outside of Manhattan so far this year, according to Real Capital Analytics. This is Vanbarton’s first retail acquisition tracked by RCA this year.