O'Brien of M. C. O'Brien brokers $2.2m sale of 19,000 s/f industrial prop. in Brooklyn: Shor of Metro Industrial produced buyer

Michael O'Brien, III, SIOR, of M. C. O'Brien, Inc. completed the $2.2 million sale of 5725 Foster Ave., Canarise. O'Brien was appointed the sole and exclusive broker in the marketing for sale of the property. Michael Shor, president, Metro Industrial Real Estate, found a viable purchaser. The 19,000 s/f garage-type structure was the former vehicle service facility of Brooklyn Dodge. The building has 20' ceilings, heavy power, multiple drive-in doors and mezzanine offices. The buyer used a tax deferred sale, under section 1031 of the Internal Revenue code for about 75% of the acquisition. The balance was secured by a short-term purchase money mortgage. O'Brien had secured tenants for this building many times over the past 15 years. When the auto dealership ran into difficulty, O'Brien put the property up for sale. The new owner/occupant is in the business of refurbishing kitchen fixtures. They have relocated from a smaller space.