News:
Brokerage
Posted: February 18, 2020
Axxis Real Estate negotiates CVS sale: $11.9 million
Axxis Real Estate LLC
Staten Island, NY A CVS store at 4051-4055 Hylan Blvd. has been sold for $11.9 million to a Long Island investor, according to Axxis Real Estate LLC.
The 12,400 s/f CVS store is operating on a double-net lease. The sale price equates to $961.29 per s/f, which provided the purchaser with a cap rate of 5.83%. There are 22 years remaining on the initial lease term. The building was constructed in 2015.
The buyer, MSN Real Estate Management, was represented by Michael Hagen, managing principal of Axxis. The seller, Golden Hand of Staten Island Inc., a private real estate investment firm, was represented by Lisa Giordano-Callahan of RE/Max Elite. The purchase represented a 1031 exchange for MSN.
“MSN was looking for a net-leased property with a long-term credit tenant and a strong cap rate,” said Hagen. Under a double-net lease the tenant is responsible for paying most operating expenses associated with a property.
Tags:
Brokerage
MORE FROM Brokerage
Adler of Rand Commercial brokers $2.3 million sale of retail assemblage in Yonkers
Yonkers, NY Rand Commercial negotiated the June 12, 2026 sale of an 11,000 s/f retail assemblage at 245, 247, 251, and 253 South Bdwy. for $2.3 million to an owner-user.
Quick Hits
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
