Hess and Colleran of TerraCRG rep buyer and seller in $6.3 million portfolio sale; Consists of three Brooklyn commercial buildings totaling 35,500 s/f

TerraCRG has completed the $6.3 million sale of the portfolio of three commercial buildings located at 6303-6311 5th Ave. on the Bay Ridge and Sunset Park border. The one-story M zoned buildings sit on the corner of 5th Ave. & 63rd St. with a total of 35,500 gross s/f and an additional almost 42,000 s/f in air rights. The buildings are currently occupied with three different retail and industrial tenants. "The location along the 5th Ave. retail corridor, almost 40,000 s/f footprint of the property and additional 42,000 s/f of air rights presented purchasers with a unique opportunity to do a big box retail conversion or hotel. There are not a lot of available sites on prime retail corridors in Brooklyn that give a buyer these options," said Adam Hess, TerraCRG partner and senior VP, who along with his associate Jacob Colleran, were the sole brokers in the transaction. "The purchaser plans to utilize the property for investment income in the near-term but is contemplating a hotel development to service the rapidly expanding Asian community that continues to make Southwest Brooklyn their home." "The transaction and potential future development exemplifies the renewed investor and developer confidence in the continued strengthening of the Brooklyn market." said Hess. The property was sold to a local investor/developer with multiple Brooklyn projects, following a 60 day formal marketing process conducted by TerraCRG. TerraCRG represented both the seller and buyer who were not disclosed.