Marcus & Millichap arranges $4.6 million sale of 10,240 s/f

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, arranged the sale of Dollar Tree (dba Deal$), a 10,240 s/f net-leased property located in Middle Village, according to J.D. Parker, regional manager of the firm's Manhattan office. The asset sold for $4.6 million. Scott Plasky, from Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a New York-based retail developer. "This property sold for a CAP Rate that was 80 basis points less than an identical deal I sold just one year before," said Plasky. "It is further proof that the market just keeps improving for NYC-based retail properties." Dollar Tree is located at 78-02 Metropolitan Ave., a heavily traveled and dense retail corridor in Middle Village section of Queens, N.Y. The property is surrounded by local and national retailers such as: CVS, TD Bank, Capital One Bank, Chase Bank, Dunkin Donuts, Citibank and C-Town Grocery Store. Dollar Tree will be operating at this location under the Deal$ banner. At $29 per s/f, Dollar Tree is paying a slightly below-market rent, with comparable tenants on this stretch of Metropolitan Avenue paying rents in the $30-$50 per s/f range. "We had 15 written offers on this property. It just proves, once again, that there is still tremendous demand for credit tenant-anchored retail properties in the boroughs, especially those single-tenant deals which have zero landlord responsibilities."