Vancouver-based Second City Real Estate has sold a mixed-use building in Brooklyn for $14.2 million, according to brokers in the sale.
Second City sold 2217 Caton Avenue in Prospect-Lefferts Gardens to Caton Acquisition Partners, according to HFF, which represented both sides in the sale. Caton Acquisition Partners is a New Jersey-based LLC affiliated with Portman Property Group, records filed with the Department of State show.
HFF arranged financing for the property for Second City in January 2014, according to the brokerage. Caton Acquisition Partners bought the property free of debt. The sale closed on June 9, according to an HFF spokeswoman. It does not yet appear in property records.
The five-year-old building at the corner of Bedford Avenue was originally built as condominiums, but is now made up of 29 rental apartments, which are nearly completely leased. There’s about 2,700 square feet of retail space in the 24,200-square-foot building, currently used by a daycare, according to a press release from HFF.
“Second City Real Estate executed an exceptional repositioning strategy, getting into a prime Brooklyn neighborhood early in the cycle, substantially improving the asset’s operations and creating impressive increases in profitability and ultimately value,” said Rob Rizzi, a member of the building’s sales team.
Mr. Rizzi, Jeff Julien, Rob Hinckley and Steven Rutman of HFF marketed the building and closed the sale.