Thor Equities has sold two retail properties in Miami and New York City to Invesco Real Estate for $70 million.
Thor sold the retail condominium space at 512 Broadway, which consists of two floors and a sub-basement, for $55 million and 910 Lincoln Road in Miami for approximately $15.8 million, according to data provider Real Capital Analytics. The New York-based private equity real estate firm originally acquired 512 Broadway for $37 million in December 2008, while the Lincoln Road property formerly was a restaurant.
Thor purchased the Broadway and Lincoln Road assets after negotiating potential leases with British fashion retailer All Saints, according to people familiar with the matter. The leases run until 2025 and 2024, respectively, a statement added.
In October, Thor acquired the Burlington Arcade in London’s Piccadilly in a joint venture with Meyer Bergman, one of its largest transactions in three years and its first in the UK. The duo acquired the 36,000-square-foot asset for £104 million (€122 million; $169 million), with Meyer Bergman investing 80 percent of the equity and Thor 20 percent, but with the ability to increase its stake to 50 percent this year.
Last summer, Thor also acquired a Fifth Avenue office and retail property, the Takashimaya Building, for $142 million, reportedly beating competition from Vornado Realty Trust, SL Green Realty and watch retailer Swatch. Sources said Thor expects to renovate and expand the retail portion of the property this year, including turning the second floor office space into possible retail. “This is about turning value-added opportunities into core,” the source added.