Kerwin of GFI Realty Services completes $33.16 million retail sale

Michael Kerwin, senior broker at GFI Realty Services Inc, has completed the sale of 69-37 to 69-39 Austin St. and 107-16 71st (shown), in Forest Hills, for $33.16 million. This commercial package consists of two, two-story properties containing four retail locations. National credit tenants for the buildings include The Gap, Staples and Duane Reade.?The final price for the 42,068 square feet of property was a 5.7% cap rate and came out to $788 per s/f. Michael Kerwin represented the buyer, an investor from Midtown, as well as the seller, a local forest hills investor. "The buyer purchased this excellent package as part of a 1031 exchange," said Kerwin. "The transaction took place in just a single phone call when the buyer immediately jumped at the opportunity to own the two pieces of prime retail. We were able to get the deal closed in just two months." The buildings are leased to national credit tenants in an extremely desirable location. They are surrounded by other national retail stores such as Barnes and Noble and Ann Taylor. The properties are close to the E and 7 trains, along with several major bus lines.