PORT RICHMOND — A large shopping center in the middle of the Forest Avenue shopping district sold for $5.25 million, its real estate agent said.
The 25,860-square foot 1257-1267 Forest Ave., in Port Richmond, has 12 store fronts and 41 parking spots sold for $200 per-square-foot to an unnamed buyer, Manhattan real estate firm Eastern Consolidated said.
While two-story retail center is already leased to businesses like CKO Kickboxing, Papa John's Pizza Gyro King, and a troubled hookah lounge, most of them end in less than three years, and the new owner may be looking for some changes.
"More than 50 percent of the leases at 1257-1267 Forest Ave. expire in less than three years, which presents the new owner with inherent potential for rental upsides and an opportunity for repositioning,” said Adelaide Polsinelli, a senior director at Eastern Consolidated, who represented the owner in the transaction.
The two-story retail center was on the market since 2013, and was originally listed by Eastern Consolidated for $5.9 million. Rents currently average $24 per square-foot, Eastern Consolidated said.
