News:
Brokerage
Posted: October 15, 2019
Consolidated-Tomoka Land Co. acquires 15,500 s/f retail for $7.1 million
Oceanside, NY Consolidated-Tomoka Land Co. acquired a 15,500 s/f store long-term leased to Party City Corp. Situated on 1.24 acres at 3098 Long Beach Rd. on Long Island’s South Shore, the property traded for $7.1 million.
The initial investment cap rate was above the mid-point of the range in the company’s 2019 guidance. This acquisition from an undisclosed seller is expected to be part of a 1031 like-kind exchange.
The party supplies store is situated along a major retail corridor in the area, with a three-mile population of 154,000 and 10 years remaining on the current lease.
Year to date, Consolidated-Tomoka has acquired nine single-tenant income properties for an aggregate of $90 million. This represents 90% of the mid-point of the company’s 2019 guidance for income property acquisitions.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 260 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.
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
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
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
.gif)