Cushman & Wakefield Retained Exclusively to Sell 1245 Fulton Street
NEW YORK, October 27, 2016 – Cushman & Wakefield has been retained on an exclusive basis to sell a newly constructed retail opportunity at 1245 Fulton Street located between Arlington Place and Bedford Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood. The asking price is $13,250,000.
The single-story building contains approximately 7,860 square feet on the ground floor with an approximately 8,213-square-foot sellable lower level which features impressive 15' ceiling heights, accessible internally through stairs. The property also offers approximately 25,551 square feet of additional air rights for residential or commercial use.
1245 Fulton Street is entirely leased to Planet Fitness, a publically traded, B1 credit-rated company with over 1,000 stores nationwide, until December 2030. The tenant pays $655,000 per year with 12.5% increases every five years. Planet Fitness also reimburses for all of the real estate taxes over base year 2014/2015. It currently has one five-year option at another 12.5% increase and its lease features a full corporate guaranty.
“This is a rare opportunity to acquire a high cash flowing, zero maintenance asset with a high-quality tenant and tremendous long-term upside,” said Cushman & Wakefield’s James Nelson who is exclusively marketing this property with Carly Weinreb and DJ Johnston.
“The building is located in the Bed-Stuy Gateway, one of Brooklyn's fastest growing retail corridors and within two blocks of ten new developments on the same street. In recent years, the district has seen development sales reach over $200 per buildable square foot,” added DJ Johnston.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.