Branden McLellan and Daniel Mistretta, both investment specialists in the Brooklyn office of Marcus & Millichap, are exclusively representing the seller. Although McLellan tells GlobeSt.com that the seller would rather not be named, he notes he wanted to take advantage of the proposed rezoning there, which will offer the new owner more than 108,000 sf of space. "Since he isn't a builder himself, he wants to maximize value on that piece of real estate."
Located at 1134 Fulton St., the retail center is situated on the corner of Fulton Street and Franklin Avenue on a 25,744-sf lot with approximately 37,000 sf of rentable space. The property has 200 feet of frontage on Fulton Street and 198 feet of frontage on Franklin Street. McLellan tells GlobeSt.com that there are currently 15 tenants, of which, two have longer-term leases and the remaining tenants have month-to-month leases in place. "We are in talks with the tenants," he notes. "They could get bought out."
The property is across from the Franklin Avenue stop along the A and C subway lines, which provides an easy commute to downtown Manhattan. McLellan tells GlobeSt.com that there has been interest so far from a number of builders, mainly retail owners.
"This is a great opportunity for an investor to own property in a burgeoning area of Brooklyn," McLellan says. "The borough is filled with new developments, revitalized retail and mixed-use spaces and renters in search of apartment units."
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