528 Atlantic Avenue

528 Atlantic Ave, Brooklyn, NY, 11217-1914, US

Description

Jones Lang LaSalle (“JLL”) is pleased to offer for sale the fee simple interest in the retail condominium of 528 Atlantic Avenue (the "Property"), located in the Boerum Hill neighborhood of Brooklyn, New York. The ~26,000 square foot, Class A retail / commercial space sits at the base of a 2017-constructed luxury residential condominium building (not part of the collateral).

The Property is currently 44% leased to advanced cosmetic surgery provider Mia Aesthetics. Rapidly expanding across the U.S. with locations in 10 major cities and over 150,000 satisfied patients, Mia Aesthetics is a leading provider in the affordable luxury medical aesthetics sector. The tenant's current lease term, which expires on February 29th, 2039, features contractual 2.50% annual rent escalations.

The ground floor space is 13,632 SF and offers 18' ceiling heights. The lower level space, which features a dedicated lobby entrance on the ground floor and an exclusive elevator with wide stairs for access, is 12,070 SF with 11'6" ceiling heights. The lower level space is divisible, offering the opportunity to lease it to a large user, or break it up into multiple units. The Property is Article 28 compliant, offering an exceptional opportunity for medical users.

The Property sits at a premier Atlantic Avenue corner, offering 100' of frontage on Atlantic Avenue and 180' of frontage on 3rd Avenue. Located one block from the Atlantic Ave-Barclays Center station, one of New York City's largest transit hubs, the Property is strategically located to offer exceptional foot traffic with unparalleled access via the 2, 3, 4, 5, B, D, N, Q, R trains and the LIRR.

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Attributes

Building area gross

2,388 m²

Occupancy

44%

Year built

2017

Wraparound Frontage

280'

Media

Investment Highlights

Long-Term Tenant Commitment

Mia Aesthetics' commitment to the location is demonstrated by its significant capital investment, which includes a state of the art and intricate build-out as well as the installation of specialized, high-value medical equipment. Mia Aesthetics has over 13 years of remaining term and has operated at this location since 2023.

Multi-Use Commercial Condominium

All uses considered (no cannabis). Article 28 compliant, offering an exceptional opportunity for medical users.

Premier Location

The Property features 280 feet of wraparound frontage on Atlantic Avenue and 3rd Avenue, located just a block away from the Barclays Center and a major transportation hub, providing high pedestrian traffic and outstanding visibility.

Brooklyn's Gravitational Pull

Over the last decade, Brooklyn's resurgence has been spearheaded by an influx of educated professionals seeking vibrant, well-connected neighborhoods with convenient access to Manhattan's employment centers.

Additional Upside

New ownership has the immediate opportunity to create significant value by leasing up the remaining vacant space.