Tuesday, December 6, 2022

Northmarq’s Atlanta office arranges $7.6 million sale of New York Chick-fil-A reflecting a 3.68 percent cap rate

 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.


Mike Sladich

“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.

 

“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.”



The build-to-suit property is brand new with a double lane drive-thru and is situated on 2.47 acres.

 

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)

david@ebelingcomm.com

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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