REAL ESTATE

3.1 Phillip Lim leases Bowery district flagship

BY Michael Fickes

New York — Luxury apparel retailer 3.1 Phillip Lim has leased a 5,800-sq.-ft. store at 48 Jones Street in New York City’s Bowery district. The space includes a 3,500-sq.-ft. ground floor and a lower level with 2,300 sq. ft. The store is expected to open in the first quarter of 2014. 3.1 Phillip Lim also has a store in SoHo on Mercer Street as well as a third U.S. location in Los Angeles.

In the transaction, RKF www.rkf.com represented the landlord, 48 Tenant’s Corp., and Town Real Estate represented 3.1 Phillip Lim.

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REAL ESTATE

eShave leases Upper East Side storefront

BY Michael Fickes

New York — eShave, the Long Island City-based shaving products and services company, has leased its first Upper East Side storefront at 1025 Third Avenue between 60th and 61st Streets. The space is across the street from Bloomingdale’s.

Winick Realty Group represented eShave in the transaction, while the landlord, Mall Properties, was represented in-house.

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REAL ESTATE

Net leased Jacksonville Walgreens goes to bankruptcy auction

BY Michael Fickes

Jacksonville, Fla. — Madison Hawk will conduct a real estate auction on Sept. 18 for a free standing retail building just east of downtown Jacksonville, Fla. The building is part of a Chapter 11 bankruptcy proceeding.

Located at 1220 University Avenue, the 1.72-acre property contains a 15,070-sq.-ft. Walgreens Pharmacy that generates about $302,000 in net income annually. The Walgreens Co. lease is Double Net (NN) with the initial term running through 2019.

The property will be sold absolute, regardless of price, with a suggested opening bid of $1.5 million. The sale is subject to final approval from the United States Bankruptcy Court, Southern District of New York.

The auction will take place at 12 p.m. at the Hyatt Regency Jacksonville located at 225 E Coastline Drive. Buyers will be required to present a $150,000 cashier’s check to bid. Interest bidders may attend on-site property inspections, which are held by appointment only on Aug. 22, 29, Sept. 5 and Sept. 12 at 10 a.m.

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