Thor Equities has acquired 16 Calle Fuencarral in Madrid

Thor Equities has signed a contract to acquire 16 Calle Fuencarral in Madrid, a 14,300-square-foot (1,330-square-meter) mixed-use property, company executives announced today. 

The four-level retail and office building features two separate entrances, and 40 feet (12 meters) 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 percent 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 meters from the property, including the main Gran Via station less than 200 meters 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—10,250 square feet (951 square meters) on three floors. 

This is the first acquisition for Thor Equities to be led by Ara Adjennian, who joined the company in September as Executive Director, European Investments [we reported]. 

The purchase of 16 Calle Fuencarral continues Thor’s recent international expansion. The company’s European holdings also include 9 Puerta del Sol in Madrid; 102 Avenue des Champs-Elysees, 51-53 Boulevard Haussmann and 65-67 Avenue de Champs-Elysees in Paris; 65 Boulevard de la Croisette in Cannes; and Bond Street House, 105-109 Oxford Street and the Burlington Arcade in London.     

Source: Property Magazine