Prime Realty Properties and Management's president, Andy Brenner, teaming up with Stan Schuckman of Schuckman Realty, have brokered the sale of the Bay Shore Shopping center located at Montauk Highway and Saxon Ave. The 110,000 s/f center contains 20 in-line stores and 2 retail pads. The anchor tenant, a Super Stop-N-Shop Supermarket opened this past spring.
The seller, Overseas American Corp., represented by Schuckman Realty Inc., had owned this shopping center for almost 20 years. Schuckman Realty was also the original broker and consultant for Oversees American when it purchased, redeveloped, and leased the property. The purchaser, Bay Shore Commons, LLC, represented by Prime Realty, used this purchase for a 1031 exchange. "The purchaser bought a well located, top supermarket anchored shopping center, which has become a rare find on Long island. All the tenants, including the Super Stop-N-Shop, have triple net leases with steady rent step-ups, providing the purchaser with good upside in years to come," said Brenner. Tags: