NEW YORK CITY—The site that once housed commercial printing firm A.J. Bart in the Bushwick section of Brooklyn has been sold for $26.75 million.
A partnership of Princeton Holdings LLC and Normandy Real Estate Partners, acquired the 160,000-square-foot development site at 333 Johnson Ave. from A.J. Bart, reports Brooklyn-based commercial brokerage firm TerraCRG. A.J. Bart has relocated from the property. According to the company's website, A.J Bart maintains offices in the Dallas suburb of Addison, TX and in Glendale, NY.
The new ownership intends to develop a commercial complex to house retail, restaurant and office tenants at the property. The new development will also include 40,000 square feet of outdoor space. The restaurant tenants will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining as well as on-site artisanal food production space, TerraCRG officials state.
Dan Marks, vice president of investment sales at TerraCRG says of the deal, “We are thrilled to help broker the sale of 333 Johnson Avenue. It's very difficult to find large industrial properties in prime Brooklyn locations such as this one. The area around the Morgan L stop has been in very high demand over the past few years and I expect the redevelopment of this property to be a huge success.”
TerraCRG's Marks, Ofer Cohen, Melissa Warren, Peter Matheos and Michael Hernandez represented the buyer in the transaction. Sydney Blumstein of Corcoran represented A.J. Bart, the seller in the deal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.