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Follow on Google News | The Klein Group and Red Pine Capital Partners Acquire Chipotle Retail Condominium in New York CityA Joint Venture Between The Klein Group and Red Pine Capital Partners LLC Acquire Corner Retail Condominium Located at 111 Fulton Street in Lower Manhattan
The property is encumbered by a 15 year lease with a subsidiary of Chipotle Mexican Grill, Inc., which lease is guaranteed by the parent company. Chipotle opened its restaurant at 111 Fulton Street on April 28, 2010. "We seized a rare opportunity to achieve a high capitalization rate with an investment grade tenant on Manhattan soil," said Michael Federman, a principal of Red Pine. "Our fixed rate debt, arranged by the Klein Group, is assumable and permits us great flexibility with respect to the timing of our exit from this investment," About the The Klein Group The Klein Group owns and manages a substantial portfolio of commercial real estate properties throughout New Jersey and New York, with a specialty in acquiring and repositioning retail properties. Recently, the company has ventured into New York City having sponsored several residential developments including a 36 unit luxury condominium project in which all units were sold. The Klein Group is managed by Jacob Klein, a real estate executive with 30 years experience managing and developing commercial real estate. About Red Pine Capital Partners LLC Red Pine Capital Partners LLC is a boutique equity and real estate investment firm with a focus on investments in middle-market, consumer-related businesses and real estate projects. Red Pine and its affiliated companies seek control positions in businesses where long-term capital appreciation can be achieved through the combination of creative management, new strategies and quality corporate assets as well as opportunistic investments in real estate requiring the repositioning of core real estate assets. Red Pine is a sponsor of tenant-in-common investments, an investment advisor and asset manager for a diverse pool of institutional and individual investors. Red Pine also structures and syndicates special situation bridge loans and interim credit facilities, mezzanine loans and preferred equity financing in connection with real estate assets. End
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