News:
Brokerage
Posted: May 16, 2017
Berman, Wechsler and Greshin of Ariel Property Advisors retained to sell Queens retail property
Queens, NY Ariel Property Advisors has been exclusively retained to sell 163-30 Cross Bay Blvd. in the Howard Beach neighborhood, a triple-net investment property leased to Walgreens until 2029.
The property, which spans 9,767 s/f is situated on one of the borough’s busiest retail thoroughfares. The current lease, which contains a corporate guarantee by Walgreens, expires in 12 years, allowing an investor to benefit from a secure, long-term income stream. Walgreens has sublet the premises and it is currently occupied by Key Food.
The current rent is $874,000 annually, with an increase of 12% scheduled for April 2019, and a subsequent hike of 12% slated for 2024.
Exclusive agents Jonathan Berman, Daniel Wechsler, and Jesse Greshin of Ariel are representing the seller.
“This property offers an investor a quintessential retail asset,” said Berman, director at Ariel. “The building is perfect for a major retailer as it sits on one of the busiest commercial corridors in Queens.”
The property has recently undergone significant improvements to the interior as well as the facade and contains a drive-through, with 35 parking spaces. In the immediate vicinity, there is a strong presence of national, regional, and local retailers, including Santander Bank, TD Bank, GAP, Dunkin Donuts, Starbucks, and Rite Aid.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 250 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
.gif)
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
.gif)