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| Maggie Holmes |
NEW YORK, NY, Dec. 6, 2022 – Northmarq investment sales brokers Maggie Holmes, Senior Vice President, and Mike Sladich, Managing Director, completed the sale of a freestanding retail property located at East Jericho Turnpike in Huntington, New York.
The property totals 4,996 square feet and is
leased to Chick-fil-A, one of the largest American fast food restaurant
chains.
Holmes
represented the seller, a shopping center owner and developer based in
Elmsford, New York. A New York-based private family office in a 1031 exchange
acquired the asset for $7.6 million reflecting a 3.68 percent cap rate.
“While we’ve certainly seen a shift in cap rates
across the country this quarter, this sale represents the fact that private
investors are still willing to pay a premium for best-in-class tenants in high
barrier-to-entry markets.” said Holmes.
Mike Sladich
“With nearly 2.5 acres of prime real estate on
Long Island and a 20-year lease, this property will be a generational asset
that can justify a cap rate below the 10-year treasury due to the long-term
viability and appreciation of the real estate.”
Approximately 40 miles east of Manhattan, the
town of Huntington is a major source of employment for the New York
metropolitan area.
The property is ideally positioned as an
outparcel to Target and just one mile east of the Walt Whitman Shops, a
super-regional shopping center with over 100 stores, including Bloomingdale’s,
Macy’s and Saks Fifth Avenue. Other neighboring retailers include CVS Pharmacy,
Best Buy, Rite Aid and more.
CONTACT
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
Member of the National Association of Real
Estate Editors (NAREE)
“PR Strategist for the Commercial Real Estate Industry: I do
what I love and love what I do.”
More information on Stan Johnson Company and Four Pillars Capital Markets may be found on their websites.
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