294,075-SF Center Leasehold Interest On Block

BROOKLYN, NY-CB Richard Ellis has been retained by Saltru Associates to sell the leasehold interest in Ceasar’s Bay Shopping Center, a 294,075-sf big-box asset located at 8973 Bay Pkwy., also locally known as 1640 Shore Pkwy. The 100%-occupied shopping center sits directly along Gravesend Bay at Exit 5 on the Belt Parkway midway between the Verrazano Narrows Bridge and Coney Island and contains 1,194 parking spaces.

Ned Midgley, a senior vice president at CBRE, who is leading the marketing team along with Tim Sheehan and Dan Kaplan, tells GlobeSt.com that the property is owned by a partnership of multiple investors, which gained control of the property through an assignment of the ground lease in 1982. Bill Shanahan and Jeff Babikian are assisting the sales effort as well.

Midgley explains that CBRE is targeting an institutional buyer “due to the size of the potential transaction and the large amount of equity required by today’s market conditions.” He notes that the property, which sits next to New York Harbor, is truly one-of-a-kind. “It is essentially a suburban, big-box, power center in the heart of Brooklyn with its own exit and entrance ramp to one of Brooklyn’s most traveled highways,” he says. The Belt Parkway is the main connection from Brooklyn and Long Island to the Verrazano Narrows Bridge, Interstate 278–the Staten Island Expressway–Staten Island and the state of New Jersey and it various the major highways–including Interstate 95 and the New Jersey Turnpike.