A rare retail investment opportunity has come online in Pound Ridge. Colliers International Group Inc. (NASDAQ:CIGI, TSX:CIG) is marketing the newly renovated Barnwell Shopping Center – located in the heart of this highly affluent Westchester County community’s downtown area – for sale.
The 16,000-square-foot, mixed-use neighborhood shopping center benefits from a diverse, stable cash flow and is 100 percent occupied. The site houses five buildings on 3.33 acres, surrounded by in-town amenities within walking distance.
“It is incredibly rare that something comes available for sale in Pound Ridge, an ultra-affluent market that commands lease rates and property values at the top end of the Westchester County market,” noted Colliers’ Enzennio Mallozzi, who is heading the assignment. “The lack of suitable land for expansion makes the area even more attractive for investors.”
Pound Ridge stands out as one of the wealthiest communities in the United States based on average household income ($291,216) and median home price ($927,300), according to Mallozzi. The community sits just 30 minutes north of Manhattan by car.
The seller, PMNG Management LLC, recently completed more than $1.5 million in high-end renovations at Barnwell Shopping Center. “My client has done a fantastic job turning what was an older retail asset into a beautiful property,” he said. “Additionally, the site will allow for the addition of 6,000 square feet of multifamily development. The town of Pound Ridge has a very limited supply of rental apartments and an ever-increasing demand for additional units.”
With a population of approximately 5,000, Pound Ridge offers its residents a quaint and charming lifestyle, and a short commute to bustling city environments. In addition to a variety of shopping, dining and entertainment options, Pound Ridge is home to a thriving arts community with events like Antiques and Crafts Outdoor Market and the Annual Fine Arts Festival.Significant upgrades are planned for the town’s infrastructure and the neighboring Scott’s Corners retail property, positioning Barnwell Shopping Center to take advantage of the area’s upside potential.
About Colliers International Group
Colliers International Group Inc.(NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.