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
Bestreich, Reynolds, Davila, and Flaherty of Investment Property Realty Group close $1.97 million sale of 343A Tompkins Ave. in Bed-Stuy
Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 343A Tompkins Ave., a mixed-use building located in the Bed-Stuy section of the borough, for $1.97 million.
Quick Hits
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
Hunt CRE question and answer: Choosing a real estate agent - by David Hunt
First, we will only work with one agent exclusively. The primary reason is that we want that agent to legally represent our client’s interests. In New York State, a real estate agent has a fiduciary
.gif)