NEW YORK CITY—A partnership of Slate Property Group, Adam America Real Estate and AEW Capital Management, L.P. say they have entered into a ground lease at 535 Fourth Ave. in the Park Slope neighborhood of Brooklyn.

AEW acquired the property on behalf of AEW Partners VII, L.P., the seventh in the firm's series of opportunistic real estate funds. The three firms will partner to develop a mixed-use residential and retail property that will include 141 apartments and parking. Construction is scheduled to begin in early 2015 and the property is expected to be valued at approximately $100 million upon completion, company officials say. This deal was brokered by CPEX Real Estate.

The deal marks the development team's third acquisition in the area— they have previously purchased 470 Fourth Ave. and 270 Fourth Ave. and have plans to develop a total of approximately 325 residential units and 25,000 square feet of retail space on Fourth Avenue. Aufgang Architects, which is also working on the team's development at 470 Fourth Ave., will be the lead architect for the project at 535 Fourth Ave.

David Schwartz, principal and co-founder of Slate Property Group, says, “This marks Slate's third acquisition on Park Slope's Fourth Avenue in the past 10 months. We see tremendous potential to add value to the avenue by developing unique, high-end residential properties that fill a void in the Park Slope marketplace.”

Unrelated to the 535 Fourth Ave. ground lease deal, Slate Property Group also reports it has closed on the acquisition of 310 12th St. in Park Slope. The firm purchased the fee simple interest in the 14,644-square-foot property, which contains a four-story, 20-unit apartment building, for $6 million. The firm acquired the fee simple interest in the 14,644-square-foot property, which contains a four-story apartment building with a total of 20 residential units, for $6 million.

Martin Nussbaum, managing principal of Slate Property Group, says that the firm is excited about its purchase of 310 12th St. given its positive outlook on the Park Slope residential market. “Slate is bullish on multifamily in Brooklyn and continues to actively seek opportunities to expand our multifamily portfolio there,” he adds.