Real Estate Journal — May 13 - 26, 2016 — 3A
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M id A tlantic R eal E state J ournal 64,000 s/f , three story class A office building in NY GHPOfficeRealty purchases 140 Huguenot St. for $6.4MM
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N EWROCHELLE, NY — GHP Office Re- alty, LLC , an owner of office, flex and retail prop- erties in the tri-state region, announced its acquisition of 140 Huguenot St., New Rochelle, a 64,000 s/f , three story class A office building with a 34 car onsite parking garage and an additional 26 car parking lot. The building is 80% occupied. The GHP acquisition team was led by AndrewGreens- pan , principal of GHP. Greenspan said “We are bullish on New Rochelle and its future. 140 Huguenot St. represents our second large office building acquisition in New Rochelle. We also own 145 Huguenot St., a 300,000 s/f, eight story class A office building across the street which is currently 93% oc- cupied. The synergy between the buildings and the econo- mies of scale as well as the fact that we are running out of space at 145 Huguenot St. made 140 Huguenot St. an attractive acquisition target.” 140 Huguenot St. boasts such high quality tenants such as Mary Ann Liebert, Inc. and Monroe College. Additionally,
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140 Huguenot Street
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the GSA has been a tenant in the building since 1999. Greenspan added “We are planning to invest substan- tial capital into the building to bring it up to date and make it more energy efficient. Some of the capital upgrades will be to building systems, security and cosmetic up- grades to the facade and the lobby. We have approxi- mately 12,500 s/f of office, retail and/or medical space available for lease. In fact part of that vacancy is a 5,100 s/f former bank branch with street level access and great visibility which is perfect for
a retail user. The building is in a highly desirable location at the signalized corner of Huguenot Street and Har- rison Street, adjacent to New Roc City and Super Stop and Shop, one block from Trump Plaza and Main St. as well as .03 miles from the New Ro- chelle Intermodal Transpor- tation Center and Interstate 95 at Exit 16.” Elizabeth Smith, Esq . of Goldberg Weprin Finkel Goldstein LLP provided legal representation and Ray Cohen of Chicago Title Company provided title services for GHP. n
“Ask the Professor”
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One of the key documents used in com- mercial real estate investment is the rent roll. The rent roll contains important rent- al information on all the tenants who are occupying or using space in the building for which rent is paid. This information is further identified and explained in each tenant’s lease. A basic rent roll may also include essential data about the property such as its total rentable square footage, identifying specific tenant spaces that are available for lease, property age, owner’s name and mailing address and tenants payment history. The amount of detail included in a rent roll will vary based on the owner’s needs for that information. Property managers, lenders, mortgage brokers and investors will find the rent roll to be a very useful report when requir- ing information about a tenant’s lease or payment status. QUESTION: All of the following infor- mation would typically appear in a rent roll except for: a) Base rent amount b) Lease term c) Number of square feet leased
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d) Attorney’s name e) All of the Above ANSWER: “d”
Kaplin Stewart
Ronald M. Shapiro is Assistant Professor of Professional Practice in the Finance and Economics Department at Rutgers Business School ofNewarkandNewBruns- wickwhere he teaches real estate finance. Prior toRutgersBusiness School, Ron was SVP with Union Center National Bank.
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