Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BROOKLYN, NY-Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for a 25,744-sf, two-story retail center in Brooklyn. The listing price is $16 million.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.