CP Commercial Properties brokers $3.025 million sale of Melville McDonalds; Negotiated by Porretta and Classi-Lewis

Joseph Porretta and Deborah Classi-Lewis of CP Commercial Properties negotiated the sale of the Melville McDonald's located at 729 Walt Whitman Rd. The selling price was $3.025 million which reflected a current cap rate of 4.37%. The lease includes a corporate guaranteed, with built-in increases. The building is situated on an oversized lot of 1.18 acres, giving the site future upside in the form of development potential. Joe Porretta said, "As the net lease market continues to show strength, properties with credit tenants continue to yield very low cap rates. The credit on the lease, quality of the location, future development potential, and lack of the availability of similar product all contributed to the extreme demand for this property. When an asset like this becomes available for sale, even the most aggressive purchasers will see stiff competition. It was the quick, all cash terms of the purchaser's offer which swayed the seller to select him." The seller of the property was Peter Bannon of Nyack, whose family has owned the property for over 50 years and originally operated a restaurant there. The purchaser was a family-owned real estate investment company in Brooklyn. Classi-Lewis represented the seller and Porretta represented the purchaser. CP Commercial Properties, with offices in Great Neck, is an independent real estate brokerage firm that specializes in the sale of investment properties.