Kalmon Dolgin Affiliates (KDA) has arranged the $7.3 million sale of a 60,000-square-foot industrial property at 950 Georgia Avenue in the Spring Creek area of Brooklyn, NY. The two-story property consists of a 20,000 SF ground floor, 20,000 SF basement, and 20,000 SF yard. Neil Dolgin and Kalmon Dolgin, co-presidents of KDA, made the announcement.
Neil Dolgin and Gary Mayzlin of KDA arranged the transaction for both the buyer, 950 Georgia Holdings, LLC, and the seller, LMJI, LLC. The buyer will use 950 Georgia Avenue as a warehouse and storage facility. LMJI, LLC used the space for steel fabrication and opted to sell the building as its owner approached retirement.
“As the number of available industrial properties in Brooklyn dwindles, the opportunity to purchase an asset like 950 Georgia Avenue was a rare one,” said Mayzlin. “This property represents a perfect example of property values catching up to the marketplace. Great demand for this type of industrial building allowed the seller to achieve a sale price of about 35% more, as compared to values that were recorded in 2014.”
Amenities at 950 Georgia Avenue include 28-foot ceilings, multiple drive-in doors, and a drive-down ramp to the basement. The property was built new by seller LMJI, LLC in 2007. Located between Cozine and Wortman avenues, 950 Georgia Avenue offers access to the B6 and B82 bus routes, the Belt Parkway, Pennsylvania Avenue and Linden Boulevard.