Gabriel, Merin, Bernhaut and Braverman of Cushman & Wakefield complete $7.9 million; Kimco Realty buys 53,000 s/f plaza from Centro Properties

Commercial real estate services firm Cushman & Wakefield, Inc., (C&W) has orchestrated the trade of Turnpike Plaza shopping center in Huntington Station. Kimco Realty Corp. purchased the 53,000 s/f, grocery-anchored asset from Centro Properties Group for $7.9 million. Located at 695-731 East Jericho Tpke. (Rte. 25), Turnpike Plaza sits in one of Suffolk County's primary retail corridors with a daily traffic count of 34,000 vehicles. The property currently is 95% leased, and anchored by Waldbaum's and Rite Aid. "Turnpike Plaza is a well-occupied shopping center in a premier, high-traffic location," said Gary Gabriel of Cushman & Wakefield's Metropolitan Area Capital Markets Group, who headed the sale with team members Andrew Merin, David Bernhaut and Grace Braverman. "At the same time, the grocery lease, which is well below market rent, is set to expire in the near term and presents a great value-add play," said Gabriel. According to Merin, the offering drew significant interest. "Retail - especially highly sought-after grocery anchored retail - rarely comes online on Long Island," he said. "We saw a wide range of investors bid on Turnpike Plaza, including larger institutions, local private investors and even a couple of users. Kimco, which is one of Long Island's most prominent owners and one of the country's largest REITs, ultimately landed the deal right in its own backyard." Cushman & Wakefield's Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $14.5 billion worth of transactions since 2000.