Ned Midgley, a senior vice president at CBRE, who is leading themarketing team along with Tim Sheehan and Dan Kaplan, tellsGlobeSt.com that the property is owned by a partnership of multipleinvestors, which gained control of the property through anassignment of the ground lease in 1982. Bill Shanahan and JeffBabikian 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 amountof equity required by today's market conditions." He notes that theproperty, which sits next to New York Harbor, is trulyone-of-a-kind. "It is essentially a suburban, big-box, power centerin the heart of Brooklyn with its own exit and entrance ramp to oneof Brooklyn's most traveled highways," he says. The Belt Parkway isthe main connection from Brooklyn and Long Island to the VerrazanoNarrows Bridge, Interstate 278--the Staten IslandExpressway--Staten Island and the state of New Jersey and itvarious the major highways--including Interstate 95 and the NewJersey Turnpike.

Equally as important as the center's performance, Midgley says,is that the property is 100% occupied, primarily by nationaltenants including Kohl's, Toys "R" Us, Babies "R" Us, Best Buy andModell's, which make up 93% of the shopping center. "In addition,the shopping center earns in excess of $8 million in annual netoperating income," he adds.