Sperry Van Ness, (SVN) one of the nation's largest commercial real estate brokerage firms, has completed the sale of Shop Rite Plaza to a private investor from Queens, for $6.3 million. The property is located on the southeast corner of North Plank Rd. (Rte. 32) and Chestnut Ln. about one mile north of I-84 at 88 North Plank Rd.
Joseph French, CCIM and Neil Golub of SVN in White Plains, N.Y., represented a private seller based in Westchester County. Charlotte Goldblatt of Paramount Realty Group represented the buyer who was in a 1031 exchange.
Golub said, "There were many moving pieces to complete this deal and by proactively cooperating with the brokerage community, we were able to identify a 1031 buyer who made their first retail purchase."
The 55,156 s/f property is situated on 5.6 acres and is fully leased by five tenants with Shop Rite Supermarket as the anchor tenant occupying 41,676 s/f. The property is located in the fastest growing county in New York and has a population of more than 101,000 people within a five-mile radius.
Founded in 1987, SVN provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. The firm has advised clients on billions of dollars in office, multifamily, retail, industrial, hospitality and land transactions. Tags: