Rentar Development refinanced its mixed-use plaza in Middle Village, which is in the midst of a retail overhaul.
Deutsche Bank and UBS originated a $160 million commercial mortgage-backed securities loan for Rentar Plaza at 66-26 Metropolitan Avenue in the Queens neighborhood, the Commercial Observer reported. BayBridge Real Estate Capital arranged the deal.
There was previously a $132 million loan backed by the complex.
The three-story, 1.4 million-square-foot asset includes both retail and industrial space. The city is the property’s largest industrial tenant, while BJ’s Wholesale Club anchors the retail component.Â
As of early 2020, the city leased more than 500,000 square feet. In September 2023, the city renewed a 10-year lease of 38,000 square feet for a training facility for the Department of Corrections.
The 232,000-square-foot retail space is being rebranded into The Shops at Rentar Plaza, which is expected to be completed next spring. Tenants include BJ’s, FitNation, Eyeworld and VJ Liquors; Burlington and Catch Air have signed leases of 28,000 square feet and 18,000 square feet, respectively.
Weeks before the pandemic upended the country, e-commerce giant Amazon signed a lease for roughly 300,000 square feet of industrial space at the complex. It took over the Metropolitan Museum of Art’s 109,000-square-foot space, plus 190,000 square feet of vacant space in the property.
Directly prior to the Amazon deal, Rentar sold the leasehold interest at 101-01 Avenue D, 103-00 Foster Avenue and 101-10 Foster Avenue, along with a one-acre lot on East 105th Street between Avenue D and Foster Avenue in Brooklyn to CenterPoint Properties for $134 million. The three-building industrial portfolio spans 925,000 square feet and was 100 percent leased to 13 different tenants at the time.
Rentar Development is led by Dennis Ratner and Felice Bassin. The firm has developed more than 4 million square feet of retail and industrial properties in the New York area.
— Holden Walter-Warner
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