Thor Equities, a global leader in urban real estate development, leasing and management, has signed a contract to acquire 16 Calle Fuencarral in Madrid, a 1,330 m² (14,300 ft²) mixed-use property, company executives announced today.
The four-level retail and office building features two separate entrances, and 12 m (40 ft) of frontage in the prime end of Calle Fuencarral. The popular pedestrian corridor benefits from high footfall, including international tourists and local residents on the adjacent Gran Via, one of Madrid’s trendiest locations. The building is also close to Puerta Del Sol, among the busiest areas of the city.
Originally known for its alternative and independent brands, Calle Fuencarral has become an established retail destination filled with fashion-forward and high end stores akin to Soho in London and New York. The street primarily features small retail units on the ground floor, with residential, office or hotel uses above.
“Limited availability of prime units in the surrounding area, combined with the improving economy in Spain, have led to increased demand for retail space on Fuencarral and rents rising over 30% in the past several years,” said Jared Hart, Managing Director of Thor Equities.
International retailers on Calle Fuencarral include Michael Kors, Tommy Hilfiger, L’Occitane, MAC, Diesel, Calvin Klein Jeans, Adidas and Swarovski. Gran Via is home to many national and international retailers including H&M, Zara, Cortefiel and Mango.
16 Calle Fuencarral is served by four underground transportation stations that are all less than 400 m from the property, including the main Gran Via station less than 200 m away.
The property has been held by the same family for decades, and is one of the only assets on the street with vacant commercial space— 951 m² (10,250 ft²) on three floors.
Source: Thor Equities
