Drone photo of Carman’s Plaza in Massapequa, NY
1. Carman’s Plaza in Massapequa, NY
Sale Date: July 8, 2022
Address: 900-944 Carmans Rd, Massapequa, NY
Sale Details:
- Sold Price: $42,054,855
- Price/SF: $338.60
Cedar Realty Trust, Inc. sold this 124,200-square-foot shopping center to DRA Advisors & KPR Centers. This sale was part of a larger portfolio sale.
Included in the sale were a Dunkin’ Donuts, Apple Bank, Planet Fitness, Dollar Tree, New York State DMV office, and other tenants. The property provides excellent frontage on Carmans Rd and ample parking for the convenience of shoppers.
DRA Advisors specializes in real estate investment and management services, for institutional and private investors. They focus on value-add real estate investments in the office, retail, multifamily, and industrial sectors within the United States.
2. Uniondale Shopping Center in Uniondale, NY
Photo of Shoprite Supermarket at 1121 Jerusalem Ave, Uniondale, NY.
Sale Date: July 27, 2022
Address: 1121 Jerusalem Ave, Uniondale, NY
Sale Details:
- Sold Price: $24,750,000
- Price/SF: $399.74
- Cap Rate: 5.06%
Private equity firm, First National Realty Partners, sold the ShopRite supermarket in Uniondale shopping center to Exchange Right Real Estate LLC. The building consists of 61,900 square feet and was renovated in 2011.
The tenant is under a net lease with approximately 9 years remaining on the terms, with two 5-year options. The lease is not absolute net, there some landlord responsibilities for the roof and structure. It is noted that the roof is under a 20-year warranty that began in 2010.
It’s also noted that ShopRite shares the shopping center with a Walmart, driving strong daily traffic between the two tenants.
3. NNN Walgreens in Uniondale, NY
Triple net Walgreens at 603 Uniondale Ave, Uniondale, NY
Sale Date: August 11, 2022
Address: 603 Uniondale Ave, Uniondale, NY
Sale Details:
- Sold Price: $14,994,064
- Price/SF: $1,171.05
- Cap Rate: 4.65%
Hampton Resorts LLC sold this NNN Walgreens to Allonsy Holdings Owner LLC. The Walgreens consists of 12,800 square feet and was built in 2012. The property receives strong daily traffic counts being on a busy signalized intersection.
The Walgreens is performing healthy on a long-term lease with 24 years remaining.
Walgreens is one of the largest pharmacy stores in the United States alongside CVS pharmacy. Their annual revenue boasted $132.5 billion in 2021, an 8.6% increase from their 2020 revenue. Investors continue to be attracted to the strong performance of Walgreens stores.
4. Chandler Square in Port Jefferson, NY
Chandler Square at 5 Mill Creek Rd, Port Jefferson, NY
Sale Date: August 2, 2022
Address: 5 Mill Creek Rd, Port Jefferson, NY
Sale Details:
- Sale Price: $8,100,000
- Price/SF: $1,558.59
Chandler Square LLC sold this 5,200 square-foot freestanding retail building in Port Jefferson. This class B property is located in Suffolk County and was built in 1920. The building sits on 33,500 square feet of land that is zoned C1.
Chandler Square consists of an ice cream cafe, a boutique store, and a tea store, among other businesses. It’s one block from the Ferry Service and in the center of Port Jefferson’s Harbor District.
5. Retail Redevelopment to Medical Office
NYU Health redevelopment at 196 E Main St, Patchogue, NY
Sale Date: July 1, 2022
Address: 196 E Main St, Patchogue, NY
Sale Details:
- Sale Price: $7,200,000
- Price/SF: $130.91
Phoenix Realty Services sold this 55,000-square-foot retail building. The building was vacant at the time of sale. Burlington Coat Factory was the previous tenant. The buyer, NYU Langone Health, will redevelop the property into surgery and medical center offices.
NYU Langone Health is one of the nation’s premier academic medical centers. The centers are devoted to patient care, education, and research. The health system was ranked Number 3 in the country on US News & World Report’s “Best Hospitals.
This site is close to The Shoppes at New Village, which is a newly developed mixed-use property. The Shoppes features 46,000 square feet of retail stores and 291 apartments. NYU Langone Health believes the medical office development will be a strategic boon to the area.
6. Mixed-Use Building in Oyster Bay, NY
Mixed-Use Building at 99-111 South St, Oyster Bay, NY
Sale Date: July 19, 2022
Address: 99-111 South St, Oyster Bay, NY
Sale Details:
- Sale Price: $6,600,000
- Price/SF: $567.60
This 11,600-square-foot mixed-use building traded from Cozy Realty Inc to Cavit Properties LLC. The 2-story property was built in 1960 and features ground-floor retail space and second-floor office units.
This location is within the retail corridor of Oyster Bay and is only a half mile from the Long Island Railroad Station. Current tenants in the building include a local Deli, a car leasing service, an American restaurant, and a Florist.
7. NNN 7-Eleven Retail Building in Fort Salonga, NY
Triple net 7-Eleven building at 9 Route 25A, Fort Salonga, NY
Sale Date: August 20, 2022
Address: 9 Route 25A, Fort Salonga, NY
Sale Details:
- Sale Price: $5,486,000
- Price/SF: $1,933.05
- Cap Rate: 4.4%
This single-tenant 7-Eleven, was sold by Basser-Kaufman Real Estate to Angelo Leondis. The 7-Eleven just signed a 15-year lease with 10% rental escalations every 5 years.
Mr. Leondis, purchased this asset as a 1031 exchange, at a 4.4% cap rate.
7-Eleven is the world’s largest operator and licensor of convenience stores. They are highly desired net lease investments due to their success.
Most 7-Eleven stores are often corner locations, which have high visibility and excellent access. Additionally, many locations have filling stations.
Also attractive to investors is the convenience store operator’s credit rating. Currently, S&P has classified 7-Eleven as “A -” which is a low to medium risk investment credit rating.
8. South Broadway Plaza in Hicksville, NY
South Broadway Plaza at 495 S Broadway, Hicksville, NY
Sale Date: July 20, 2022
Address: 495 S Broadway, Hicksville, NY
Sale Details:
- Sale Price: $5,200,000
- Price/SF: $356.70
- Cap Rate: 4.16%
H & Z Associates LLC sold this 14,600-square-foot retail building to 495 Hicksville LLC. The cap rate at the time of sale was 4.16%. It was reported that the purchasers put down a 50% cash payment and financed the remaining 50% through Habib American Bank.
The property was fully occupied at the time of sale. Some of the 15 units are occupied by a Kumon Learning Center, Subway, Pharmacy, Pakistani Restaurant, Beauty Salon, and more.
9. The Learning Experience in Centereach, NY
Outside of The Learning Experience at 10 Holbrook Rd, Centereach, NY
Sale Date: July 28, 2022
Address: 10 Holbrook Rd, Centereach, NY
Sale Details:
- Sale Price: $4,758,521
- Price/SF: $475.85
This 10,000 square feet Day Care center was sold as part of a 2-property portfolio by Commander Enterprises, a Plainview-based real estate company. At this location is The Learning Experience. Since 1980, The Learning Experience has provided early childhood education programs throughout the United States.
The property was built in 2007 and has 60 on-site parking spaces. Reports show The Learning Experience has occupied the property since it was built.
The property was purchased as an investment by Gaz Realty Properties, a real estate investment firm based in Jericho, NY.
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American Investment Properties (AIP) Inc., was founded by Ron Koenigsberg on July 4th, 2001. AIP specializes in the sale and acquisition of commercial real estate on Long Island. Participating in over $2 billion worth of property sales to date, AIP is a well-known and highly respected name in the Long Island commercial real estate community.
