Staten Island, NY Shopping Center Sells for $10.3 Million

  

STATEN ISLAND, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Nome Plaza, an 18,148-square-foot strip center in Staten Island, N.Y. 

The $10.3 million sales price equates to $568 per square foot.

            “The price per square foot and the 5.7 percent cap rate are near-record numbers for Staten Island shopping centers,” says Scott Plasky of Marcus & Millichap’s Manhattan office.

“The transaction shows the strength of the market for multi-tenant retail properties in metropolitan New York and demonstrates that well-located shopping centers in Staten Island can command the same cap rates as similar assets in other boroughs.”

Scott Plasky

            In the transaction, Plasky represented the seller, a Staten Island-based private investor and the buyer, a commercial real estate investor from New Jersey in a 1031 exchange. Nome Plaza was 100 percent occupied at the time of the sale.

            The retail center is located just off the signalized intersection of Nome Avenue and Richmond Avenue at 436-464 Nome Ave. in the center of one of Staten Island’s most attractive residential communities, Heartland Village.

Next door to a brand-new center with a Trader Joe’s and Retro Fitness, the property is surrounded by national retailers such as CVS, Marshall’s, Dick’s, Staples, Rite Aid, Dunkin Donuts, Starbucks, PC Richard & Sons, Wendy’s, Burger King, Walgreens and others.

            Nome Plaza consists of 13 storefronts on a 38,000-square-foot lot with dedicated parking for 45 cars. Tenants include Bario’s Pizza, Dance Studio, Holy Schnitzel, Island Kitchen, Jaquie’s Bridal, Nome Laundry, Nome Superette & Bagels and Princess Nails.

  

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager                                              

(925) 953-1716