Preuss of Massey Knakal brokers $6.85 million sale of 12,800 s/f retail strip

Great Neck Plaza, NY A retail strip at 1 Great Neck Rd., located on the corner of Middle Neck and Great Neck Rds., was sold in a transaction valued at $6.85 million. The two-story, fully-leased retail strip contains 12,800 s/f and sits on a 126' x 70' lot. It consists of six retail and nine office units, containing mostly long-standing tenants. Each store has its own basement and individual utility meter in the basement. The property has undergone improvements over the past few years, including electric, air conditioning and heating units, and window upgrades. The sale price equates to $535 per s/f, a 5% capitalization rate and 13x gross rent multiple. The property is across the street from The Gardens of Great Neck Shopping Center, containing multiple credit tenants such as TD Bank, Chipotle, Wells Fargo, and Waldbaums. Located in the Great Neck Shopping District, it has heavy foot and vehicle traffic. It is accessible by car and is across the street from the Long Island Railroad. "This quality fully-leased asset in one of the most desirable locations on the North Shore of Long Island garnered tremendous interest from a variety of buyers but ultimately was sold to a buyer who greatly valued the upside potential of the property" said Massey Knakal's (www.masseyknakal.com) Stephen Preuss, who exclusively handled this transaction.