$12 Million Net-Leased Nassau County Bank of America Sold by Marcus & Millichap

Bank of Aamerica Branch Office, Syosset, NY

SYOSSET, NY, June 11, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 4,467-square-foot, single-tenant, net-leased Bank of America branch near Long Island’s North Shore in Syosset, N.Y.

Scott Plasky

 The $12 million sales price equates to $2,686 per square foot.

            Scott Plasky in Marcus & Millichap’s Manhattan office represented the seller, a private investor.

“Net-leased assets of this quality in the affluent parts of Nassau County rarely trade hands,” says Plasky. 

“The offering’s combination of zero management, great location, ‘A’-rated-tenant, lease with 16 years remaining, and bank with huge deposits generated strong activity and a premium price.”

            The property is located on the corner of Jericho Turnpike and Oyster Bay Road at 378 Jericho Turnpike in Syosset. Both Jericho Turnpike and Oyster Bay Road are five-lane roads. 

The property shares cross easements with the Syosset Center, a high-end neighborhood shopping center anchored by Verizon and an urgent care facility. Nearby retailers include Starbucks, Dunkin Donuts, King Kullen, Chase Bank, Panera Bread, Chipotle, Marshalls, HomeGoods and Petco.

The building is on a 28,433-square-foot corner lot with a double drive-thru and parking for 48 cars.

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

Gina Relva

Public Relations Manager

(925) 953-1716