New York, NY February 12, 2020 – A year and half after delivering the first Class-A, full-service, retail and office property in the Midwood neighborhood of Brooklyn, Infinity Real Estate announced that it has sold its Kingswood Portfolio to Urban Edge Properties for $165 million in an off-market transaction. The recently developed 110,000 square foot Kingswood Crossing is home to retail anchors Target and Marshalls while also featuring 45,000 square feet of state-of-the-art office space. Also included in the sale is the recently renovated Kingswood Center, a 230,000 square foot mixed-use building that is home to NY Sports Club, TJ Maxx, and Visiting Nurse Services among others. The prime urban properties are located on the densely populated Kings Highway corridor, which serves as a regional retail and transit hub in southern Brooklyn. Unique to the properties is the 250 space below grade parking lot, large office floorplates, unparalleled ceiling heights, expansive views, outdoor tenant space and loading docks.
The properties were acquired by Infinity and Nightingale in 2014 for $89 million. After securing leases with Target and Marshalls, Infinity completed the ground-up redevelopment of Kingswood Crossing, transforming the property from a structured parking garage into a modern mixed-use retail and office building. Meanwhile, the partnership completed extensive renovations and building improvements to modernize Kingswood Center, strongly enhancing the older property’s appeal.
“The successful development and redevelopment execution of the Kings Highway portfolio exemplifies our core competencies of delivering best-in-class new build and adaptive re-use urban properties,” commented Steven Kassin, Managing Partner of Infinity.
“The successful delivery, lease-up and sale of these assets is a testament to our value creation strategy in growing neighborhoods centered around the identification and fulfillment of underserved demand. We always endeavor to merchandise and develop differentiated product that is compelling, progressive and environmentally responsible. These values are central to our mission of having a positive social impact through our work” he added.