Chera’s triple Crown of retail buys and leases

Crown Acquisitions has purchased three retail properties in Brooklyn and Staten Island an inked deals with big name chains.

The firm arranged leases with national tenants in each of the properties, including Planet Fitness, Duane Reade and Vitamin Shoppe.

Rendering of 2007 86th Street

Rendering of 2007 86th Street

“The three newest acquisitions speak to our appetite in continuing to build our portfolio of retail properties throughout prime shopping thoroughfares in the outer boroughs,” said Crown Acquisition’s Isaac Chera. “All the properties are situated in truly great retail neighborhoods that boast extremely strong foot traffic and offered us a great value-add opportunity.”

In a $15 million transaction, Crown Acquisitions purchased the 20,000 s/f property located at 2007 86th  Street in Bay Ridge, Brooklyn. It also inked two, long term net leases with Planet Fitness and Vitamin Shoppe.

The second property, spanning 8,000 ss/f and located at 603 Forest Avenue in Staten Island, was purchased in partnership with Adam Dweck of Bluestar Realty. The space was leased to Duane Reade.

Rounding out Crown’s recent retail acquisitions is 441 Rockaway Parkway in Brooklyn. The 20,000 s/f property will be the future home to another Planet Fitness under a long term net lease.  The three strategically-positioned properties are located in areas with incredible retail traffic and numerous public transportation options.

2007 86th Street sits at the entrance of the D subway line, and will continue Planet Fitness’ expansion when it and the national chain, Vitamin Shoppe, open their doors soon.

The full building at 603 Forest Avenue will be occupied by Duane Reade, and has proximity to the Staten Island ferry and site of the Staten Island Wheel.

441 Rockaway Parkway is a two-level retail building, and Planet Fitness will take over the current Consolidated Edison space. The property is very well-positioned near two major bus and subway lines.

Leave a Reply

Your email address will not be published. Required fields are marked *

COPYRIGHT 2015 REAL ESTATE WEEKLY. ALL RIGHTS RESERVED.