Press Release brought to you by CPEX Real Estate

CPEX Completes Pennsylvania Avenue Retail Sale

10/26/2012

Media Contacts:
Greg Roberts
Chief Operating Officer
Tel: (718) 687-4222
groberts@cpexre.com

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 info@cpexre.com, or at (718) 935-1800.

About CPEX:

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.

10/26/2012 - 12:33

Source

CPEX Real Estate

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