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Written by / Agency / Source: Red Pine Capital Partners, LLC

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The Klein Group and Red Pine Capital Partners Acquire Chipotle Retail Condominium in New York City - A Joint Venture Between The Klein Group and Red Pine Capital Partners LLC Acquire Corner Retail Condominium Located at 111 Fulton Street in Lower Manhattan
The Klein Group and Red Pine Capital Partners Acquire Chipotle Retail Condominium in New York City

 

NewswireToday - /newswire/ - New York, NY, United States, 2010/08/23 - A Joint Venture Between The Klein Group and Red Pine Capital Partners LLC Acquire Corner Retail Condominium Located at 111 Fulton Street in Lower Manhattan.

   
 
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On March 5, 2010, The Klein Group, a commercial real estate investment firm in New Jersey, and Red Pine Capital Partners, a New York based real estate and equity investment company, acquired from Leviev Fulton Club LLC a corner retail condominium unit located at 111 Fulton Street in Lower Manhattan on the ground floor of the luxury residential condominium building commonly known a The District. The unit has street frontage on both Fulton Street and William Street and is one block south of The Beekman Tower, a 76 story Frank Gehry designed luxury residential building currently under construction and scheduled to open in the fourth quarter of 2010. The acquisition price was $4,000,000.

The property is encumbered by a 15 year lease with a subsidiary of Chipotle Mexican Grill, Inc., which lease is guaranteed by the parent company. Chipotle (chipotle.com) opened its restaurant at 111 Fulton Street on April 28, 2010.

"We seized a rare opportunity to achieve a high capitalization rate with an investment grade tenant on Manhattan soil," said Michael Federman, a principal of Red Pine. "Our fixed rate debt, arranged by the Klein Group, is assumable and permits us great flexibility with respect to the timing of our exit from this investment," he added.

About the The Klein Group

The Klein Group owns and manages a substantial portfolio of commercial real estate properties throughout New Jersey and New York, with a specialty in acquiring and repositioning retail properties. Recently, the company has ventured into New York City having sponsored several residential developments including a 36 unit luxury condominium project in which all units were sold. The Klein Group is managed by Jacob Klein, a real estate executive with 30 years experience managing and developing commercial real estate.

About Red Pine Capital Partners, LLC

Red Pine Capital Partners, LLC (redpinecap.com) is a boutique equity and real estate investment firm with a focus on investments in middle-market, consumer-related businesses and real estate projects. Red Pine and its affiliated companies seek control positions in businesses where long-term capital appreciation can be achieved through the combination of creative management, new strategies and quality corporate assets as well as opportunistic investments in real estate requiring the repositioning of core real estate assets. Red Pine is a sponsor of tenant-in-common investments, an investment advisor and asset manager for a diverse pool of institutional and individual investors. Red Pine also structures and syndicates special situation bridge loans and interim credit facilities, mezzanine loans and preferred equity financing in connection with real estate assets.

 
 
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Written by / Agency / Source: Red Pine Capital Partners, LLC

 
 

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The Klein Group and Red Pine Capital Partners Acquire Chipotle Retail Condominium in New York City

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Publisher Contact: Owen Barbier - RedPineCap.com 
212-845-9825 obarbier[.]redpinecap.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Red Pine Capital Partners, LLC securities in any jurisdiction including any other companies listed or named in this release.

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