95 Evergreen – Savanna JV Acquires Former Schlitz Brewery

NEW YORK CITY—Locally-based Savanna and joint venture partners Hornig Capital Partners and Chelsea Village Associates have acquired the former Schlitz Brewery in the Bushwick section of Brooklyn. The new ownership plan an extensive capital improvement program to convert the industrial building into office and retail space.

A spokesperson for Savanna, a private real estate equity and asset management firm, confirmed that the purchase price for the property at 95 Evergreen Ave. was $33 million. Joe Berko and Lee Silpe of Berko & Associates represented the seller in the transaction.

95 Evergreen Ave. is a five-story, 165,000 square-foot industrial building located on the southeastern corner of Evergreen Avenue and George Street in Bushwick. Originally constructed as the Schlitz Brewery, the building features 15,500- to 36,600-square-foot floor plates, 15- to 30-foot ceiling heights and large windows with direct views of Manhattan and the surrounding boroughs. The property is within minutes of the Morgan Avenue and Jefferson Street L train stations as well as the Myrtle Avenue J, M, and Z train station.

Savanna and HCP will launch a $20-million building-wide capital improvement program in the first quarter of 2015 to transform 95 Evergreen Ave. into an office and retail location. Upgrades will include work the property’s façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers, and HVAC systems. The new space will cater to the creative, media and technology tenants who are interested in establishing a presence in Bushwick, Savanna officials say.

“We are looking forward to bringing an exciting new home to the companies who want to come to Bushwick,” says Christopher Schlank, managing partner of Savanna. “Through a comprehensive repositioning effort, Savanna and HCP will combine 95 Evergreen Avenue’s most compelling industrial qualities with a brand new infrastructure, appealing to the creative class of tenants that continue to demand space in this neighborhood.”

Among other developments in the area, a major housing development project at the former Rheingold Brewery site directly across the street will bring a 977-unit residential and retail complex to Bushwick.

“Bushwick is emerging as one of the most popular neighborhoods in Brooklyn, and new developments are a sign of continued growth,” says Daren Hornig, managing partner of HCP. “95 Evergreen Ave. represents a unique opportunity for companies and retailers who desire a Brooklyn address to choose a neighborhood that is undergoing an exciting transformation.”

Mitchell Arkin and Joseph Cirone of Cushman & Wakefield will lead leasing efforts for the office space at 95 Evergreen, while Andrew Clemens of Ripco Real Estate will represent Savanna and HCP on the retail side.