Bailey of TerraCRG brokers $4.1 million sale

TerraCRG has completed the sale of the retail building at 182 Flatbush Ave. also known as Triangle Sports. The building is the only free standing retail building across the street from the Barclays Center and is located at the intersection of Flatbush and 5th Aves The building sold for $4.1 million. Geoffrey Bailey, VP of retail services at TerraCRG, represented both buyer and seller in this all-cash transaction "The area right around the Barclays Center is seeing the beginning of the biggest Renaissance of retail in Brooklyn," said Bailey. "Retail rents in the area will soon be the highest in Brooklyn and beyond." Triangular shaped, the 4,790 S/f building has been home to Triangle Sports for close to a century and was delivered vacant, making it ideal for a single retail tenant repositioning. The property was built in the late 1800's and has been occupied by Triangle Sports since 1914. "We introduced the property to market in early 2012 in anticipation of the Arena opening," said Ofer Cohen, founder and president of TerraCRG. "We conducted a formal bid process and achieved over $900/s/f which certainly breaks the record of retail building sales in Brooklyn." The 18,000 seat, 675,000 SF Barclays Center opens September 28, 2012.