News:
Brokerage
Posted: June 2, 2020
Horvath and Tremblay of Horvath & Tremblay sell
HomeGoods in Wainscott for $9.24 million
Wainscott, NY Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of HomeGoods located at 386 Montauk Hwy. (NY Rte. 27). Horvath & Tremblay exclusively represented the seller in this transaction, and procured the buyer to close the transaction at a sale price of $9.24 million, a 6.16% cap rate.
The stand-alone building was constructed in 2015 and contains 19,851 rentable s/f on 1.9 acres. HomeGoods has over five years remaining on a rare, corporate backed triple-net lease with an additional four, five-year options. The lease also features fixed rent increases at the start of each option period. The property is located at the signalized intersection of Montauk Hwy. (NY Rte. 27) and Wainscott NW Rd.
As Rte. 27 is the primary roadway along Long Island’s South Shore, HomeGoods also serves the surrounding towns of Bridgehampton, East Hampton, Montauk and Sag Harbor. The property benefits from visibility along the Montauk Hwy. which has traffic counts in excess of 21,000 vehicles per day.
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)
Quick Hits
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.
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
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,
.gif)