Cohen, Warren, Marks, Matheos and Hernandez of TerraCRG rep seller in $5.6 million sale of two Brooklyn properties

TerraCRG has closed on the $5.6 million sale of two adjacent industrial buildings: 333-359 Moffat St. and 11-33 Irving Ave. on the Bushwick/Ridgewood border. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller. The properties are located on a semi-private block at the intersection of Irving Avenue and Moffat St. in a rapidly developing area of Bushwick. The buildings have a combined total of 34,945 s/f with 6,500 s/f of parking. Though the properties were being offered for sale as a combined or individual deal, the buyer ultimately purchased both as a package. The buyer was Kobe Bussan, a company traded on the Tokyo Stock Exchange. The seller of the property was Arctic Glacier, a leading ice manufacturer and distributor in both the United States and Canada. 333-359 Moffat St. is a two-story commercial building covering two tax lots with a 280 ft. x 100 ft. footprint. The building is approximately 22,000 s/f, has a 6,500 s/f parking lot and was previously used for warehousing and manufacturing. The property has 5,800 s/f of available air rights, and the M1-1 zoning allows for 28,000 BSF. 11-33 Irving Ave. is a one-story commercial warehouse building built full on the 172 ft. x 155 ft. irregular lot. The building has 12,745 s/f of available air rights, and the M1-4 zoning allows for a total of 25,490 BSF. Bushwick has transformed from an industrial neighborhood into a hub for retail, commerce and art. New residential buildings, retail shops and restaurants have opened to satisfy the demand for the new residents in the neighborhood. The properties are a short distance from Irving Square Park and just a few blocks from the L train at both the Halsey Street and Wilson Ave. stations. The properties are in close proximity to Myrtle Ave., Jackie Robinson Parkway and Atlantic Ave. "These properties are well-positioned to continue to function as a manufacturing or warehousing facility," said Marks, vice president of investment sales at TerraCRG. "This sale reflects the increased demand industrial users have in Brooklyn. Additionally, this part of the neighborhood has tremendous upside as there are more and more commercial and residential projects in various stages of development."