Julien and Cruz of HFF close $30 million sale of 60,000 s/f retail grocery property; Mattone and Gartenstein joint venture purchased building

ShopRite, 1905 Sunrise Highway - Bay Shore, NY

Jose Cruz, HFF

Jeff Julien, HFF

Bay Shore, NY According to Holliday Fenoglio Fowler, L.P. (HFF), the firm has closed the $30 million sale of ShopRite, a 60,000 s/f, single-tenant retail grocery property 100% leased to ShopRite. 

HFF marketed the property on behalf of the seller, G&S Investors. A joint venture partnership between Mattone Group LLC and Gartenstein Properties purchased the asset free and clear of existing debt.

The ShopRite building is triple-net leased to ShopRite, the largest retailer-owned cooperative in the U.S., and is proximate to national tenants, including The Home Depot, Pier 1 Imports, Best Buy, Petco and Toys R’ Us. The property is situated on 10 acres at 1905 Sunrise Hwy. on one of Long Island’s most highly-traveled highways with daily traffic counts of 80,000 vehicles per day. The three-mile radius surrounding the property is home to more than 119,000 residents with an average household income of $100,000.

The HFF investment sales team representing the seller was led by managing director Jeffrey Julien and senior managing director Jose Cruz.

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc.  HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing