PGRE - BVK and Paramount JV acquires M&M's World flagship store at 1600 Broadway

Bayerische Versorgungskammer and Paramount Group (NYSE:PGRE) have formed a joint venture and acquired a retail condominium at 1600 Broadway for $191.5M from Sherwood Equities. The 26K sq. ft. retail property, which is located in the heart of Times Square, is 100% leased to Mars and serves as the flagship location for M&M’s World. In connection with the acquisition, the joint venture obtained a 10-year, $98M interest-only loan that has a fixed rate of 3.45%. This acquisition marks the second time Paramount has partnered with BVK. BVK also owns a 31.1% stake in 300 Mission Street, San Francisco. PGRE shares +23% premarket to $11.43.

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BVK and Paramount JV acquires M&M’s World flagship store at 1600 Broadway