News:
Brokerage
Posted: February 2, 2021
Marks, Lebor and Finnerty of TerraCRG exclusively sells retail building in Brooklyn for $3.15 million
Brooklyn, NY TerraCRG closed on the sale of a retail building at 5501Glenwood Rd. in the East Flatbush neighborhood for $3.15 million. Dan Marks, Daniel Lebor and Rob Finnerty exclusively represented the seller.
“TerraCRG is extremely proud to have successfully advised the sellers on this sale. This is the first time in over 70 years this property has changed ownership,” said Marks, partner at TerraCRG.
5501Glenwood Rd. is a block-through retail building with 12,270 gross s/f with an additional 10,000 s/f parking lot in the rear. The fully-occupied retail building is a local staple to the neighborhood retail corridor and includes eight in-place tenants with a 15-year average tenant occupancy. At closing price, the sale represents $257 per s/f. TerraCRG was retained to exclusively represent the seller, 1501 Glenwood Inc.
“The Nelson family wants to extend our appreciation to the team at Terra CRG for their pragmatism and wisdom to effectuate this transaction in a timely manner.”
TerraCRG began marketing this property in September 2020. “What makes this transaction notable was that we were able to generate nearly a dozen offers for a retail property, with non-credit tenants, in Brooklyn, in the midst of a global health pandemic,” said Marks.
Tags:
Brokerage
MORE FROM Brokerage
Industrial Realty Group acquires 422,727 s/f distribution facility in south St. Paul
St. Paul, MN Industrial Realty Group, LLC (IRG) acquired a 422,727 s/f industrial distribution facility located at 411 Farwell Ave. in south St. Paul. The property was formerly the headquarters of The Sportsman’s Guide, an online and
Quick Hits
Columns and Thought Leadership
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
.gif)
August Promotion
