Cedar Street Profits On The Uptown Property Values It Helped Create
Cedar Street is doing to Uptown what Sterling Bay has done in Fulton Market: making it hip and attracting investors as property values in the neighborhood rise. Cedar Street took advantage of the market it helped create and sold its HQ in a $7.3M deal on Nov. 22.
1025 West Sunnyside, which is 100% leased, is the first acquisition for Resource Innovation Office REIT, according to Crain's. The REIT focuses on creative office buildings, and the adaptive reuse of the 28k SF property certainly qualifies.
Cedar Street paid $1.2M for the building in 2012 and its total investment, with upgrades, is $5M. With rents in the building ranging between $28/SF and $32/SF, Resource Innovation sees room to expand those spreads. Cedar Street partner Will Murphy says the deal is a good sign that Uptown is now on the radar of REITs and other institutional investors. [Crain's]
