LichtensteinRE sells Congers Colonial Plaza Shopping Center for $4 million

Congers, NY LichtensteinRE.com, as seller’s exclusive broker, has sold Congers Colonial Plaza Shopping Center located at 285 North Rte. 303 in Rockland County. The sales price was $4 million.

Andrew Lichtenstein, principal broker negotiated and procured a 4% fixed low-rate, interest-only 60% $2.4 million loan to purchase price PM private money seller first mortgage. The buyer invested $1.6 million from their 1031 exchange.

The gross annual income at closing could be as high as $487,610; NOI could be as high as $231,466, equating to a 5.8% cap rate. After seller financing, NOIADS could be $135,466 equating to a 8% initial return on investment. This translates into a 16% return on equity when factoring in depreciation tax benefits.

This well-maintained and highly trafficked brick shopping center was built in 1997, and contains 15 retail stores ranging from 1,200 to 11,000 s/f, plus nine interior enclosed garage/warehouse/storage spaces with 6.5 ft. overhead doors in the rear of building consisting of 1,250 and 2,500 s/f units.  At closing day, the shopping center was 67% occupied.

The retail spaces represent 40,811 s/f of usable rentable s/f divided into 29,561 s/f of stores and 10,800 s/f of garage/warehouse/storage spaces.  The lot size is 121,968 s/f, totaling 2.8 acres.

Located on Rte. 303, where 12,000 cars pass daily, the shopping center benefits from roadway visibility. The property is near the intersection of Rtes. 303 and 9W and has direct access to Palisades Parkway, Rte. 304, Rte. 9W and the New York State Thruway. These retail stores are actively visited by the 27,000 people living within a three-mile radius and almost 100,000 people living within a five mile radius of the property.  Adding to its value, the shopping center is located within an estimated median household income of $105,273. Finally, the property is the only shopping center located among numerous residential communities, large office and industrial buildings, guaranteeing success for the restaurants and takeout food establishments in this strip center, as they provide food for the workers and residents.

“This shopping center is a unique opportunity for a savvy investor who can capitalize on all the above market conditions, as there is a real need for shopping at this valuable location.  The buyer will take advantage of the well to do demographics and the lack of retail competition. This represents a great opportunity for a buyer to enjoy immediate high return on investment plus for a buyer who can manage this center more efficiently the upside potential is great,” said Lichtenstein.

“LichtensteinRE.com was able to successfully see this deal to completion, even though at the time of negotiating this sale, it was not only the middle of the worst pandemic of the last hundred years, there was also the highest unemployment rate since the great depression with 22 million Americans having lost their jobs” says Andrew Lichtenstein, who exclusively represents the seller.

“Even in this “tough” new real estate market, we are not only still doing business, but we just closed the sale of four buildings in Mount Vernon Westchester County and master leased and got five buildings in the Bronx into contract and we have multiple properties with contracts out for signature, and closings coming up. I look forward to representing other owners and buyers in this challenging time and in the future when we return to normalcy,” says Andrew Lichtenstein.