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Acquisitions

Benchmark sells 35 Pineapple Street for $14.9M

The property traded at a 3.5% cap rate and a GRM of 20x

35 Pineapple Street (AKA 102 Hicks Street) (Credit: Google Maps)

Anpuri LLC has acquired 35 Pineapple Street in Brooklyn Heights from Benchmark Real Estate Group for $14.92 million. The mixed-use building spans 13,350 square feet, and contains 11 apartments, plus a ground floor retail component.

Worth Noting: The residential units were recently renovated, and Joe’s Coffee Company occupies the retail space.

Be Smart: Amit Doshi and Shallini Mehra of Meridian Capital Group brokered the deal. The duo confirmed that the property traded at a 3.5% cap rate and 20 times the rent roll.

Location: The property (AKA 102 Hicks Street) is located between Hicks and Willow Street, just two blocks away from the Clark Street Subway Station with access to the 2 and 3 trains.

Flashback: The seller paid $10.3 million for the property in 2016.

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