Mandel, Rizzi, Schrenk and Cruz of JLL close retail property sale

Oceanside, NY JLL has closed the sale of a single-tenant retail building leased to Party City. JLL marketed the property on behalf of the seller. Consolidated-Tomoka Land Co. purchased the asset. The sale price was not disclosed and there was no buyer representative. The JLL Capital Markets team representing the seller was led by managing directors Marc Mandel and Rob Rizzi, director Steve Schrenk and senior managing director Jose Cruz. Situated on 1.25 acres at 3098 Long Beach Rd., the building is on a corner location.

More than 153,400 residents earning an average annual household income of nearly $100,000 live within three miles of the property.

“There are historically very few single-tenant trades on Long Island annually, and, when there is an opportunity, the property attracts numerous investors given the strength of the local market,” Mandel said. “This Party City was no different since there was interest from an array of investors, including private high-net-worth buyers, institutional groups and public REITs. The seller chose to work with a proven buyer who executed on a quick timeframe for the transaction.”

Party City, a leading provider of party goods and Halloween specialty items, is one of the largest party goods retailers in North America. It has operated at this location for 20 years and, during that time, expanded the premises, committed recently to a long-term lease extension and is the only Party City store within five miles of the property. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.