Staubach's development deal with Whole Foods

Real Estate Weekly, Sept 15, 2004

Cypress Equities and Staubach Retail have been chosen by Whole Foods Market as the development manager for their first store in Brooklyn, New York.

The upscale market proposes to occupy a location at the intersection of Third Avenue and Third Street in the historic Brooklyn neighborhood of Park Slope.

They hope to commence construction in early 2005, with a late 2006 opening.

"Stanbach and Cypress are privileged to have the opportunity to provide real estate services to Whole Foods," said Patrick A. Smith, Principal of Staubach Retail's northeast region.

"We believe the proposed store in Brooklyn represents the continued vision and entrepreneurial nature that Whole Foods has used to take on the Metro New York marketplace."

"Whole Foods is extremely positive about redeveloping this underutilized industrial site in order to bring its organic approach to the people of Brooklyn," said Steven Kushner, Managing Principal, Cypress Equities.

"And Cypress Equities is pleased to be part of the process."

Cypress Equities was formed in 1995 as the development affiliate of Staubach Retail. It is an independent company with a dedicated staff that focuses on portfolio acquisitions, build-to-suits, project development, sub-investment grade sale-leasebacks and other development services for retail and automotive property.