DALLAS–(BUSINESS WIRE)–An affiliate of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that it has acquired the retail cooperative space at 106 Spring Street in New York City. The acquisition occurred on March 2, 2021, through a UCC auction.
Located at the corner of Spring and Mercer streets in Manhattan’s SoHo neighborhood, 106 Spring Street offers 4,880 square feet of ground floor space in a highly desirable and well-trafficked area of SoHo that benefits from both mass market and luxury retail shopping demand.
“New York City will once again be one of the world’s premiere shopping destinations, despite the challenges facing the city brought on by the Coronavirus pandemic,” said Sam Loughlin, Chief Executive Officer of Paceline. “106 Spring is a unique asset, poised to benefit from the broader economic recovery in New York City and an improving retail environment in the SoHo neighborhood specifically. Paceline has a patient view of the recovery timeline for the SoHo retail property market that will enable us to take a pragmatic approach to re-leasing and focus on identifying a high-quality long-term tenant for the space.”
“Paceline is well positioned to be an ideal owner for 106 Spring. Our management team brings significant prior experience acquiring and managing commercial real estate assets across a wide range of asset classes and geographies and we look forward to continuing to identify attractive investment opportunities in the current environment,” added Leigh Sansone, Chief Investment Officer of Paceline.
About Paceline Equity Partners
Paceline is a Dallas-based private equity manager focused on value-oriented, opportunistic, and special situations investments across corporate credit, real assets, and private equity. Paceline’s senior leadership team members average 20 years of professional experience. Prior to the formation of Paceline, the senior leadership team worked together for approximately 10 years at a global private equity manager and its affiliates. To learn more, please visit www.pacelineequity.com.
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.