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BROOKLYN, NY-A New York City-based 1031 Exchange investor has acquired Park Slope Plaza, a 37,159-sf center here for $13.8 million. The two-story site at 445 5th Ave. has three tenants, Eckerd, New York Sports Club and Astoria Federal Savings.The sale price was $372 per sf with a market capitalization rate of 6.75%.

Steven Regenstreif, a vice president/investments in Marcus & Millichap's Encino, CA, office, represented the seller, Park Slope Fifth Ave. NY LLC. Regenstreif and Steven Siegel, a senior investment associate in the firm's Manhattan office, secured the buyer. The site in central Brooklyn is in a high-density and high-employment retail area with more than 100,000 residents located in a one-mile radius, according to Marcus & Millichap officials.

"Park Slope Plaza offers a number of positives, including three strong, long-term triple-net lease tenants," comments Regenstreif, a senior director of Marcus & Millichap's National Retail Group. "Its new construction on a corner lot in a highly desirable location makes it almost irreplaceable." Siegel says the property generated "tremendous interest from local and national buyers."