Brooklyn, NY Marcus & Millichap negotiated the sale of a retail center. The asset sold for $11.7 million.
“It is rare to be able to purchase a new construction, 100% occupied shopping center in Brooklyn,” said Scott Plasky. “Even in a somewhat more challenging environment, we were able to generate a ton of activity here.”
Plasky and Alexander Arustamian, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller. The buyer was a private investor.
The 26,260 s/f, two-story retail property is located on 10504-10524 Flatlands Ave. in the Canarsie neighborhood.
It’s comprised of five ground-floor tenants and a fully leased 12,000 s/f second story, occupied by A+ Kidz Academy. The property offers 15 parking spaces and includes anchor tenants such as 7-Eleven and Clean Rite. Situated near major retailers, including KFC, IHOP, and CVS, as well as the Brookline Houses apartment complex, the property benefits from a 15-year ICAP Tax Abatement.
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