Bank Of America Signs 20-Year Lease In Midwood, Brooklyn Retail Sale

1121-1123 Avenue J, located in Midwood, Brooklyn, has been sold in a retail transaction. The property was purchased by an undisclosed buyer from Wharton Properties. The sale took place on May 7, 2021, for a total price of $10,642,857. The retail asset spans across 7,012 square feet, resulting in a price per square foot of $1,517. The previous sale of the property was recorded in October 2017 for $5,300,000, showing a significant increase in value over the years.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $10,642,857
• Square Footage: 7,012
• Address: 1121-1123 Avenue J, Midwood, Brooklyn

Bankwell Bank provided a loan amount of $7,450,000 for this transaction. The tenant occupying the property is Bank of America, who signed a 20-year triple-net (NNN) lease with Wharton Properties. The lease term is from May 14, 2020, to December 31, 2040. Under the lease agreement, Bank of America generates an annual net operating income of $491,700. Escalations in rent are anticipated in years 4, 7, 11, and 16 of the lease term.