Cherry Valley Shopping Center, 490-526 Hempstead Turnpike -West Hempstead, NY
West Hempstead, NY American Investment Properties brokered the $27 million sale of the Cherry Valley Shopping Center on behalf the seller, Punia Company, LLC. Located at 490-526 Hempstead Tpke., the 117,000 s/f, mixed-use unanchored shopping center sold at a 5.15% cap rate. Cherry Valley features 98,500 s/f of retail space and 18,500 s/f of office space.
According to Ron Koenigsberg, CCIM, president of American Investment Properties, the toughest challenge to overcome in selling this property was the limited buyer pool. The office component of this asset made the property much more management intensive thus eliminating many large out-of-state investors and REITS. It was imperative to find a local owner who could take a hands on approach to owning and managing this investment property.
American Investment Properties" width="150" height="150" /> Ron Koenigsberg, American Investment PropertiesOnce American Investment Properties obtained the exclusive listing, they immediately went to work and began advertising the property to their database of investors and brokers. They also began identifying and isolating investors who had large 1031 exchanges. By isolating these investors, they were able to identify the most likely candidates who would be interested in the investment.
Koenigsberg was able to capture a large 1031 exchange buyer who had recently sold off a building in Manhattan and lives in L.I. He represented the buyer and seller in the deal.
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