Joy Fescine Of Tri State Commercial Realty Sells Retail Space To Wilt's Berries In Brooklyn

The property involved in this transaction is a retail asset located at 445 Albee Square in Brooklyn. The asset features an asking rent of $490 per square foot and encompasses a total of 153 square feet. The lease type associated with this retail space is categorized as 'Other'.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $490/ft
• Address: 445 Albee Square
• Market: Brooklyn
• Landlord: Dekalb Market Hall
• Tenant: Wilt's Berries
• Broker: Joy Fescine - Tri State Commercial Realty
• Lease Type: Other

This transaction marks a significant milestone for Wilt's Chocolate Smothered Berries as it makes its official debut in the New York market through a licensing agreement inside DeKalb Market Hall. The deal is structured as a "greater of fixed base rent or percentage of gross sales" agreement, aligning the operator's potential earnings with the brand's growing regional presence. Joy Fescine, a Hospitality & Retail Specialist at TriState Commercial Realty, facilitated this activation, highlighting the strategic importance of Downtown Brooklyn as a culinary expansion hub.