The retail property at 197-205 Smith Street in Cobble Hill was sold to a partnership that includes the Jackson Group, Aurora Capital and ACHS Management for $18.5 million, according to a press release issued by real estate firm RKF.
The 20,000 square foot building, located on the northeast corner of Baltic Street, includes 10,000 square feet on the ground floor and 10,000 square feet in the basement. It was previously home to a Met Foods Supermarket. The press release noted the sale included additional air rights of 10,000 buildable square feet for future renovations.
RFK’s Brian Segall and Ernie Getz represented both the partnership and the seller, John Dee Corp., in the transaction. The sale closed on Nov. 12.
Future plans for the building remained unclear.
“Cobble Hill is extremely under-retailed and brands are eager to cater to this specific market,” said Mr. Segall in prepared remarks. “The new ownership will benefit from the strong residential base and the opportunity to grow rents.”
A comment from the Jackson Group or Aurora Capital on the sale was not immediately available. ACHS Management declined to comment on the acquisition.