Waterbridge Capital bets on Barclays Arena

Real estate investment firm Waterbridge Capital has completed its purchase of a 105-year-old Brooklyn industrial facility at 700 Atlantic Avenue for $7 million, the Wall Street Journal reported, close the site of the new Barclays Center sports arena.

The company may be planning to transform the building into a retail center, sources told the Journal, in an effort to capitalize on the rapid evolution of the area leading up to the opening of the arena.

“Up until a year ago, people didn’t know if they could finish” the arena, said Ofer Cohen, president of TerraCRG, who was not familiar with the Waterbridge transaction. “It’s going to unfold in the next couple of years… and people want to take advantage of it.”

The site is located within an area designated by Forest City Ratner for the second phase of its Atlantic Yards plans, which is slated to include residential towers. Waterbridge may opt to sell the building to Forest City in the long run, a source said. [WSJ]