Atlantic Terminal

Atlantic Terminal is an urban shopping mall and mixed-use commercial complex in the Fort Greene section of Brooklyn, New York City, near Downtown Brooklyn. It occupies a prominent position on Atlantic Avenue at the intersection of Hanson Place, Fort Greene Place, and Flatbush Avenue, directly across the avenue from Barclays Center and within the broader Pacific Park development area. The property is closely associated with Atlantic Center, a neighboring shopping mall on the opposite side of Atlantic Avenue. The two centers are connected through a small enclosed bridge from the Target store and are operated under common management. Atlantic Terminal is more than a conventional retail center. Its lower levels incorporate transportation infrastructure serving the Long Island Rail Road's Atlantic Terminal and nearby New York City Subway facilities, while the upper levels contain retail, dining, and entertainment tenants. This combination gives the complex a substantial commuter and neighborhood role in addition to its destination-shopping function. The center's urban format reflects the density of Brooklyn and differs from a suburban enclosed mall: its stores are arranged within a compact multi-level building integrated into a major transit and redevelopment district. The mall's tenant mix has included national retailers and service-oriented offerings such as Target, Uniqlo, Sephora, DSW, Bath & Body Works, Chuck E. Cheese, and Buffalo Wild Wings. Target occupies two floors and uses an urban store format designed for a dense city environment, including vertical circulation and a shopping-cart conveyor. The property has also included Starbucks locations, including one within Target and another near the Long Island Rail Road ticket-office area. Atlantic Center, managed alongside Atlantic Terminal, adds further retail and entertainment capacity, with tenants historically including Stop & Shop, Old Navy, Best Buy, Marshalls, Burlington, Dave & Buster's, and the New York State Department of Motor Vehicles. The site also has a significant redevelopment history. During the 1950s, land in the area was considered for a domed baseball stadium proposed by Walter O'Malley, then owner of the Brooklyn Dodgers. That proposal did not proceed, and the Dodgers subsequently relocated to Los Angeles in 1958. The eventual retail and transit-oriented development formed part of the wider transformation of the Atlantic Avenue corridor and the surrounding Fort Greene and Downtown Brooklyn neighborhoods. On December 22, 2017, Madison International Realty acquired Atlantic Terminal and Atlantic Center from Forest City Realty Trust. Madison had previously acquired a 49 percent interest in Forest City's retail portfolio in 2011 and purchased the remaining 51 percent in 2017. Following the transaction, Madison became the owner and common manager of the two Brooklyn shopping centers. Atlantic Terminal remains an active urban retail property whose importance derives from its combination of everyday shopping, national-brand stores, entertainment, transit access, and proximity to Barclays Center and Pacific Park.

Atlantic Terminal developed as part of the transformation of the Atlantic Avenue corridor in Brooklyn, an area where transportation infrastructure, large-scale urban redevelopment, and neighborhood retail intersect. The site is in Fort Greene, close to Downtown Brooklyn, and is surrounded by Hanson Place, Fort Greene Place, and Flatbush Avenue. It stands across Atlantic Avenue from Atlantic Center and near Barclays Center and the Pacific Park development. The location had an earlier unrealized sports-development possibility. In the 1950s, Walter O'Malley, owner of the Brooklyn Dodgers, proposed building a domed baseball stadium on or near the site. The plan did not come to fruition, and the Dodgers left Brooklyn for Los Angeles in 1958. The area was later reshaped through urban renewal and commercial development rather than becoming a baseball venue. Atlantic Terminal eventually emerged as a mixed-use retail and transportation complex. Its lower levels accommodate the Long Island Rail Road's Atlantic Terminal facilities and nearby New York City Subway infrastructure, while the upper floors provide shopping, dining, and entertainment. This arrangement gives the property a commuter-oriented customer base in addition to residents and visitors from surrounding Brooklyn neighborhoods. The building has five floors above the transportation levels. Its retail program has included national chains such as Target, Uniqlo, Sephora, DSW, Bath & Body Works, Chuck E. Cheese, and Buffalo Wild Wings. Target is particularly prominent within Atlantic Terminal. The store occupies two floors and follows an urban format adapted to a dense, vertically organized site. Its design uses escalators, elevators, and a shopping-cart conveyor to move customers and merchandise through the multi-level store. The complex has also included two Starbucks locations, one inside Target and another in the Long Island Rail Road ticket-office area. Atlantic Center, the neighboring property across Atlantic Avenue, is managed together with Atlantic Terminal and is linked to it by a small enclosed bridge from Target. Atlantic Center has historically provided additional retail, grocery, entertainment, and public-service uses. Its tenant mix has included Stop & Shop, Old Navy, Best Buy, Marshalls, Burlington, Dave & Buster's, and the New York State Department of Motor Vehicles. Parts of Atlantic Center were renovated in connection with the newer mall and the broader redevelopment of the district. Ownership changed materially in 2017. On December 22 of that year, Madison International Realty acquired Atlantic Terminal and Atlantic Center from Forest City Realty Trust. Madison had already obtained a 49 percent interest in Forest City's retail portfolio in 2011 and then bought the remaining 51 percent in 2017. The transaction placed both Brooklyn shopping centers under Madison's ownership and common management. Atlantic Terminal continues to function as an active urban retail destination whose identity is defined by its transit integration, neighborhood service role, national tenants, and location beside major Brooklyn cultural and development projects.

• 2017

  Atlantic Terminal and Atlantic Center change ownership

  [1]Atlantic Terminal (shopping mall)en.wikipedia.org

  Madison International Realty purchased the remaining 51 percent of the relevant Forest City retail portfolio and acquired Atlantic Terminal and Atlantic Center from Forest City Realty Trust.

• 2011

  Madison acquires an initial retail-portfolio stake

  [1]Atlantic Terminal (shopping mall)en.wikipedia.org

  Madison International Realty acquired a 49 percent stake in Forest City Realty Trust's retail portfolio, establishing the basis for its later acquisition of the Brooklyn centers.

• 1958

  Brooklyn Dodgers relocate to Los Angeles

  [1]Atlantic Terminal (shopping mall)en.wikipedia.org

  The stadium proposal had fallen through by the time the Brooklyn Dodgers moved to Los Angeles, ending the site's prospective connection with a new baseball venue.

• 1950

  Proposed domed baseball stadium

  [1]Atlantic Terminal (shopping mall)en.wikipedia.org

  Land in the area was proposed as the site of a domed baseball stadium by Walter O'Malley, then owner of the Brooklyn Dodgers. The plan was not realized.

A transit-oriented, community-serving urban shopping center combining everyday retail, national brands, dining, entertainment, and access to major Brooklyn transportation and redevelopment destinations.

• General merchandise retail

  Target

  The principal anchor at Atlantic Terminal is a two-level Target store adapted to the constraints of an urban, transit-oriented shopping center. It offers general merchandise and household essentials and uses vertical circulation, elevators, escalators, and a shopping-cart conveyor to support the multi-floor layout. The store is identified with the urban Target format used in dense New York City locations.

• Apparel, footwear, beauty, and lifestyle retail

  National specialty retail tenant mix

  Atlantic Terminal has hosted a range of national specialty retailers, including Uniqlo, Sephora, DSW, and Bath & Body Works. Together these stores broaden the center beyond grocery and general merchandise, providing apparel, footwear, cosmetics, fragrance, and personal-care products for local shoppers and commuters.

• Food service and family entertainment

  Dining and entertainment

  The complex has included food-service and entertainment tenants such as Buffalo Wild Wings, Chuck E. Cheese, and Starbucks. These uses support both destination visits and incidental spending by commuters using the adjacent Long Island Rail Road and subway facilities.

• Neighboring retail and public-service complex

  Atlantic Center retail and services

  Atlantic Center operates alongside Atlantic Terminal under common management and adds complementary shopping, grocery, entertainment, and public-service uses. Historical and reported tenants have included Stop & Shop, Old Navy, Best Buy, Marshalls, Burlington, Dave & Buster's, and the New York State Department of Motor Vehicles.

• 2017

  Madison International Realty purchases the Brooklyn shopping centersM&A

  Background

  Atlantic Terminal and Atlantic Center were part of Forest City Realty Trust's retail portfolio. Madison International Realty had previously acquired a 49 percent interest in that portfolio in 2011 and later pursued full ownership.

  Action taken

  On December 22, 2017, Madison International Realty acquired Atlantic Terminal and Atlantic Center from Forest City Realty Trust, following the purchase of the remaining 51 percent stake in the relevant Forest City retail portfolio.

  Aftermath

  The two malls came under Madison International Realty's ownership and common management, making Madison one of the significant retail landlords in New York.

  Source

1. 1Atlantic Terminal (shopping mall)en.wikipedia.org
2. 2Forest City Realty Trust Atlantic Center property pageforestcity.net