Houlihan Lawrence brokers $3.6 million sale of 5,000 s/f retail building

Harrison, NY Houlihan Lawrence Commercial, a division of Houlihan Lawrence, brokered the sale of a triple net retail building located at 307 Halstead Ave. The sale price was $3.6 million. The seller was represented by Mike Rackenberg, managing director of the commercial division.

The property is located across from the Avalon Harrison and includes tenants Café Deux and The Pureganic Café. This 5,000 s/f building traded for $720 per s/f and a 5.5% cap rate, both of which are record-setting numbers in the town. The buyer will have the income that is generated from two tenants with long-term leases and solid local businesses.

The buyer was Dempsey Investment LP. The seller was MSB Halstead Holdings.

Tags: Brokerage

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