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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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
