Triangle Equities Sells Triangle Junction Retail Unit for $41M

Triangle Equities has offloaded a nearly 64,000-square-foot retail condominium unit in Flatbush, Brooklyn, for $41 million, according to city records made public Thursday.

Triangle Equities, through the entity Triangle Equities Junction, sold the ground-floor retail unit at 1600 Flatbush Avenue to Parviz Farahzad’s Little Rock Construction, which used the entity Upper Port Jefferson Village, records show.

Evan Petracca, the chief operating officer at Triangle Equities, signed the deal for the seller, while Farahzad signed for the buyer, according to records.

Colliers’ Andrew Jacobs, Jacklene Chesler, Patrick Norris and Philippe Jomphe brokered the deal, according to Traded.

Spokespeople for Triangle Equities and Colliers did not immediately respond to requests for comment, while Farahzad could not be reached for comment.

The retail unit — which Triangle Equities had owned since 2009 — is at the base of the 300,000-square-foot, Target-anchored Triangle Junction shopping mall. The mall’s other current tenants include Aldi, HomeGoods and at&t.

It’s unclear what Farahzad plans for the condo unit, but the property has “long-term stability with a weighted average lease term exceeding seven years and benefits from strong consumer traffic,” according to Traded.

Elsewhere in Flatbush, discount retailer Dynasty Deals signed a lease for 18,000 square feet at BLDG Management’s 726 Flatbush Avenue in December, as Commercial Observer previously reported.

And, in April, The Carlyle Group bought a self-storage facility at 1-19 Remsen Avenue in East Flatbush for $50 million from real estate investment firm Cayre Equities, CO reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.