New York – Attorneys with the law firm of Thompson & Knight LLP represented L3 Capital LLC (“L3 Capital”) and ASB Real Estate Investments (“ASB”) in the purchase of a portfolio of more than a dozen New York retail and residential properties.
The portfolio is comprised of properties within a two-block area of Williamsburg, Brooklyn, and is one of the largest single-owner set of properties in the area to change hands. Located between North 6th and 7th Streets and Berry Street and Kent Avenue, the collection of properties has 64,000 square feet and is zoned for 62,000 additional square feet of development. The portfolio includes 10,000 square feet of vacant retail as well as 22 apartments.
Partner Joseph A. Sarcinella led the team of attorneys, including Senior Counsel David W. Jones and Associate Dan J. Hopper, in the negotiation of the Purchase and Sale Agreement as well as the restructuring of the agreement in order to deal with a recently filed litigation.
“This was an ambitious project with a complicated deal structure and a short timeframe in which to close, but it served as a great opportunity to showcase our legal expertise,” said Mr. Sarcinella.
Chicago-based L3 Capital is a real estate investment firm focused on institutional quality, value-add, urban retail investments within first tier U.S. metropolitan markets. ASB is a leading U.S. real estate investment management firm with more than $5.7 billion in gross assets under management for more than 300 institutional clients. Headquartered in the Washington D.C. area, ASB invests in major urban markets in the U.S., concentrating in office, multifamily, retail, and industrial properties.