US - Lubbock, TX
HK$79,642,000 | 70,479 sf
Jones Lang LaSalle (“JLL”) is pleased to offer for sale the fee simple interest in the North 6th Retail Assemblage, a three-building retail portfolio sale located in the Williamsburg neighborhood of Brooklyn, New York (the “Property”). The 11,250 square foot retail assemblage is 100% leased to 3 nationally recognized retail tenants: Partners Coffee, Madewell, and Lululemon. All of these leases are substantially below market giving an investor the opportunity to increase the NOI by more than ~350% over a 7 year hold by way of lease rollover and FMV resets. Additionally, the Property has 17,087 SF of air rights that can also be utilized to create a new boutique mixed-use condo project on a portion of the property. The N 6th Assemblage presents an investor with the rare opportunity to own two retail and one mixed-use building with tremendous upside in the growing and heavily trafficked area of North Williamsburg.
The North 6 Retail Assemblage offers a portfolio of 2 retail building and one mixed-use building with 2 free-market apartments along North 6th Street in Williamsburg, Brooklyn. Additionally, the Property has 82.5’ of retail frontage along the heavily trafficked N 6th Street as well as one 1,800 square foot open lot leased to Partners Coffee lot with 46.5’ of Berry Street Frontage. The North 6th Street Retail Assemblage is fully leased to three nationally recognized retail tenants; Partners Coffee, Madewell, and Lululemon. These three retail tenants, in combination with the surrounding high street retail, present a quality and complimentary shopping experience along N 6th Street and Berry Street.
129 N 6th Street is a mixed-use building comprised of retail on the ground floor with two free market apartments above. Lululemon is one of the most popular yoga, workout, and athleisure brands in America. Lululemon has around 500 stores and trades on the NASDAQ, generating over $6.25B in revenue annually.
127 N 6th Street is a high-quality retail property with frontage on N 6th Street. The well-known tenant Madewell is a fashion brand that puts an emphasis on a timeless clothing design. Appealing to all, one of Madewell’s best seller’s is their signature jeans. Madewell has over 150 stores in the United States, complimenting the more casual Lululemon which is just next door.
123-125 N 6th Street is occupied by the popular Partners Coffee, which has been in this very location since 2012. Since opening their first location in Williamsburg, Partners has opened four more locations across New York City, Brooklyn, and Queens.