MCB Real Estate, an institutional commercial real estate investment management firm and developer with nationwide holdings, and Osiris Ventures, an urban retail focused investment firm, today announced that two major retail brands have secured leases at Century Marketplace, the $130 million mixed-use redevelopment of the 14-lot Century 21 department store assemblage at 458 86th St. in the Bay Ridge neighborhood of Brooklyn, New York. A best-in-class national grocery anchor has signed a lease at the property, becoming the first national grocer to serve the immediate Southwest Brooklyn trade area. National designer-discount retailer Burlington has also signed on, and together the two leases total 60,112 square feet of space.
With these additions, the 120,000-square-foot Century Marketplace is now 65% pre-leased, with availability for two additional junior anchors and 15,000 square feet of high street shop space.
To fund the transformation of the project, MCB Real Estate and Osiris Ventures closed on $76.7 million in construction financing from Truist Bank. Truist played a critical role in financing the redevelopment, structuring a complex construction loan to support the transformation of the property. Working through the unique legal and tax requirements associated with the project, Truist developed a financing solution that enabled the transaction to move forward efficiently.
“Century Marketplace demonstrates MCB Real Estate’s ability to execute complex structuring while delivering high quality, attractive retail to dense markets,” said MCB Principal Drew Gorman. “By bringing together a nationally recognized specialty grocery anchor, and top national retailers like Burlington, we are reigniting a well-known commercial corridor and unlocking long term value for Southwest Brooklyn.”
“Truist is proud to partner with best-in-class developers MCB Real Estate and Osiris Ventures on a redevelopment that will bring significant new retail and economic activity to this Brooklyn neighborhood,” said Rebecca M. Cox, Senior Vice President and Market Manager at Truist National Real Estate. “Led by Spencer Perry and the Truist National Real Estate team, the construction financing will help transform this site into a premier retail destination.”
MCB Real Estate consistently attracts premier retail brands by focusing on submarkets that contain all the necessary fundamentals for commercial success. Located along 86th Street between 4th Avenue and 5th Avenue in Brooklyn, Century Marketplace occupies the heart of one of the borough’s highest performing retail corridors. The site is a half block away from the 86th Street subway station, which serves 2.6 million annual riders on the R train, and sits less than a quarter mile from the Brooklyn Queens Expressway.
The surrounding neighborhood is also supported by strong demographic fundamentals. Bay Ridge boasts an average household income of $127,837 and a median home value of $1.12 million. The broader Southwest Brooklyn trade area includes 832,000 residents where average household incomes have grown from $57,412 in 2010 to $108,138 today.
“Century Marketplace is a huge win for Bay Ridge, breathing new life into a long-vacant site and boosting the foot traffic that keeps local small businesses thriving,” says Kayla Santosuosso, New York City Council Member for the 47th District. “I’m deeply committed to supporting a Bay Ridge that is accommodating, welcoming, and vibrant for everyone. By creating local jobs, supporting working families, and energizing our streets, this project builds on our promise to make our neighborhood a safer, more affordable, and lively place to live.”
Retail performance in the corridor remains exceptionally strong. Within 1,000 feet of the site, foot traffic reached 3.2 million visitors over the past year, representing a nearly 6% increase year over year. Historically, the property generated more than 4 million annual visitors prior to the 2018 closure of Century 21.
Upon completion, Century Marketplace and the 86th street corridor are positioned to perform in line with other major New York City retail hubs like Fordham Road in the Bronx, Brooklyn’s Fulton St. area, Austin Street in Queens, and 125th Street in Harlem.
About MCB Real Estate
Founded in 2007, MCB Real Estate is a community-centric, privately held national commercial real estate investment management and development firm headquartered in Baltimore, Maryland. MCB boasts a nationwide portfolio of $4 billion in assets under management totaling approximately 22 million square feet with more than six million square feet in its development pipeline. Property types include industrial, office, retail, mixed-use, multi-family and life sciences. The firm offers a seamlessly integrated suite of commercial real estate investment services, including acquisitions, development, construction, asset management, property management, leasing, marketing, financing and legal expertise, thus ensuring comprehensive support throughout every stage of an asset’s lifecycle. For more information, please visit: www.mcbrealestate.com
About Osiris Ventures
Osiris Ventures, based in New York, is a retail and mixed-use focused firm that invests, operates, and develops on behalf of itself and its partners. Osiris is a hands-on, operationally geared organization, based on its knowledge of the leasing and capital markets and with a unique view of its target markets. Its initial focus is on three supply constrained urban markets: New York City, Los Angeles, Boston, and South Florida, and their respective surrounding metro markets.