CPEX Completes Pennsylvania Avenue Retail Sale
Chief Operating Officer
Tel: (718) 687-4222
CPEX Completes Pennsylvania Avenue Retail Sale:
October 25, 2012
New York – The CPEX New York Retail Investment Sales team is proud to announce the sale of a retail building at 196 Pennsylvania Avenue, Brooklyn, NY 11207. Located on the corner of Pennsylvania and Glenmore Avenues, just a couple of blocks away from Atlantic Avenue, the property features an existing one-story retail space of approximately 3,319 square feet on a 5,000 square foot lot. The C2-3/R5 zoning allows for 1,250 square feet of additional buildable space “as of right.”
The sale price was $1,270,000, or $383 per existing square foot. CPEX’s Retail Investment Sales team, consisting of Managing Partner Timothy D. King and Associate Director Duke McCabe, represented the seller, a prominent local investor, in this transaction and also procured the buyer. The property was delivered occupied with a tenant in a long-term triple net lease agreement, who will continue to operate the property as a laundromat.
“Taxpayer properties are always in strong demand, and consequently 196 Pennsylvania Avenue attracted significant interest. Duke McCabe did an outstanding job in achieving a sales price at a very competitive cap rate,” said Mr. King.
For further information, please contact CPEX at firstname.lastname@example.org, or at (718) 935-1800.
CPEX was founded in September 2008 by Timothy D. King and Brian T. Leary, two prominent leaders in the New York City commercial real estate industry. The founders have provided a broad range of real estate and business services locally, nationally and internationally throughout their career.
CPEX provides a full range of services for both real estate and business owners through our innovative operating platform and entrepreneurial culture. CPEX implements a team-based approach in which each group is focused on a specific business line, product type and definitive specialization in each market we cover. Our services include sales, leasing, acquisitions, and advisory.