Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been named to market for sale 120 North 6th Street, a 7,500-square-foot, fully leased mixed-use retail and office building located in Williamsburg, Brooklyn.
HFF is marketing the property exclusively on behalf of the seller, a joint venture between ASB Capital Management and L3 Capital.
120 North 6th Street is 100 percent leased to high-end fragrance retailer Le Labo, a subsidiary of The Estée Lauder Companies Inc. (S&P: A+), which recently commenced a 10-year initial lease term at the property to serve as its U.S. headquarters and New York flagship location. Le Labo has traditional retail use, including a café, on the ground floor; office on the second floor; storage and shipping in the lower level and special events and entertainment space on the finished roof deck. Situated on the southwest corner of North 6th and Berry Streets in Brooklyn’s Williamsburg neighborhood, 120 North 6th Street has 125 feet of wraparound frontage on the North 6th retail corridor, which includes nearby tenants Gant, Rituals, Lululemon, Madewell, Maje and Urban Outfitters, and is one block from the iconic Bedford corridor.
“120 North 6th Street offers an investor the rare opportunity to acquire a newly renovated, ‘jewel-box’ asset with long-term upside in a Williamsburg market that is arguably one of the most dynamic in New York City,” Rizzi said.
About ASB Capital Management
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.4 billion* in gross assets under management for over 360 domestic and international institutional clients. Headquartered in Washington, D.C., ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit asbcm.com.
About L3 Capital
L3 Capital is a best-in-class boutique prime urban retail real estate investment firm that targets institutional quality core-plus and value-add urban retail investments within first tier metropolitan markets. Visit l3capital.com for more information.