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Ashkenazy Acquires 6.8-Acre, 96% Occupied Retail Property

LARCHMONT, N.Y., Nov. 18, 2019 – Cushman & Wakefield has announced the sale of Ferndale Shopping Center, an 84,000-square-foot retail property in Larchmont. Ashkenazy Acquisition Corporation (AAC) purchased the grocery- and pharmacy-anchored asset from Ten Grand Inc. at a price exceeding $35 million.

Located on 6.8 acres at 1310-1340 Boston Post Road, Ferndale Shopping Center is 96% occupied by seven tenants, including Stop & Shop and a 24-hour CVS. “This Westchester County center enjoys a truly irreplaceable, infill location,” noted Cushman & Wakefield’s Andrew Merin. “It provides classic neighborhood retail in the second-wealthiest county in the State of New York. The adjacent villages of Larchmont and Mamaroneck combine for a consumer base of 150,000 people with an average household income of $160,000 in a three-mile radius. These outstanding demographics, a lack of developable land and outstanding accessibility made this a best-in-class retail offering.”

Cushman & Wakefield’s East Rutherford, N.J.-based capital markets team represented the seller and procured the buyer in the Ferndale Shopping Center trade, with Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt heading the assignment with Matt Lisk and Al Mirin of the commercial real estate services firm’s Stamford, Conn. office.

Ferndale Shopping Center’s high-profile location and destination tenant line-up – with an average tenure of 24 years – drew the interest of Ashkenazy Acquisition Corporation. Stop & Shop is one of only two local grocers, and CVS is the only 24-hour drug store permitted in Larchmont and Mamaroneck.

“Strategically placed shopping centers that are in proximity to a strong consumer base, easily accessible and near other community assets make up an important part of our retail sector portfolio,” noted AAC President Daniel Levy. “We plan to implement a carefully constructed business plan at this center to ensure it brings continued benefits to the community.”

Earlier this month, the privately-owned real estate investment firm acquired Vernon Hills Shopping Center, a 380,000-square-foot retail asset in Eastchester; Cushman & Wakefield also orchestrated that transaction.

Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets. Led by seasoned, in-house acquisitions, finance, construction, leasing, development and marketing professionals, its integrated team offers expertise at all levels of property transaction and subsequent management.

Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Ashkenazy Acquisition Corporation:

Ashkenazy Acquisition Corporation (AAC) is a privately-owned real estate investment firm that owns and manages a 15 million-square-foot portfolio of irreplaceable, well-located retail, hospitality, office, and residential properties in the U.S., Canada and England. With more than 100 buildings valued at some $12 billion total, the firm has a superior performance history in purchasing and managing premier assets, including Boston’s Faneuil Hall, Miami’s Bayside Marketplace and Baltimore’s Harborplace.

Headquartered in New York City, with offices in major cities throughout the U.S., the Ashkenazy team is comprised of a skilled group of in-house, seasoned professionals with expertise in acquisitions, finance, construction, leasing, development and marketing. For more information, please visit www.aacrealty.com.

MEDIA CONTACT:
Karen Ravensbergen
Caryl Communications
201-796-7788
karen@caryl.com

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