A single-story retail building at the southeast end of White Plains’ stretch of Mamaroneck Avenue changed hands last week for $5.15 million.
Trion Holdings LLC bought the 9,050-square-foot 500 Mamaroneck Ave. retail center, according to an announcement from the commercial real estate agency RKF, which arranged the deal. RKF represented the seller, Manhattan real estate investment firm Tahl Propp Equities.
Trion Holdings specializes in acquiring multifamily properties in the New York City metropolitan region. Trion has offices in Yonkers and Manhattan.
Carmelo Milio, president and director of property management for Trion, said the location was the main draw for the company to 500 Mamaroneck Ave.
“We’re from Westchester, and located in Westchester, and we feel that Mamaroneck Avenue and White Plains is a very strong market,” Milio said.
While much of Trion’s portfolio focuses in residential properties, Milio said the firm has a solid background in retail through its mixed-use properties. He cited the building’s tenant base as attractive to the company, which is anchored by a Bank of America branch. The building, which has wraparound frontage onto Shapham Place, is also leased to Hilda Demirjian Laser and Skin Care Center and the bar Dunne’s Pub.
And while Milio said nothing specific is being explored yet, the site is set up for other uses the company could explore in the future.
The sale was arranged by RKF Vice President Brian Segall and Associate George Martinecz.
Segall said in the announcement that White Plains “will continue to see strong population growth, which points to an ongoing shift in retail. New suburban residents and young families are driving the demand for more service-oriented retailers in the area. 500 Mamaroneck Ave. is a terrific investment opportunity as it offers tremendous value and a highly desirable opportunity for future retail development.”
Note: The article has been corrected. The sale price was $5.15 million, not $5.5 million.