Donovan, Preuss and Sarath of Cushman & Wakefield broker $23.776 million sale; Sold the Vanguard Retail Portfolio; Consists of three retail properties in Queens

The Vanguard Retail Portfolio, consisting of three retail properties located at 221-02/50 Horace Harding Expressway, 137-67/79 Queens Blvd./138-09 84th Dr., and 138-07/11 Queens Blvd., was sold in all-cash transactions with an aggregate value of $23.776 million. The properties, located in Briarwood and Oakland Gardens, total 28 units and 44,858 s/f with additional development potential. The sale price equates to $530 per s/f. 221-02/50 Horace Harding Expressway, located between Springfield Blvd. and 224th St. in Oakland Gardens, contains 33,698 s/f on a 500' x 409' irregular lot. It consists of 18 retail units with parking and features 500 ft. of frontage and 53,159 s/f of air rights. The property was sold in an all-cash transaction valued at $16.983 million. 137-67/79 Queens Blvd./138-09 84th Dr., located on the corner of Queens Blvd. and 84th Dr. in Briarwood, contains 8,970 s/f on a 96.85' x 100' lot. It consists of seven units and features 99 ft. of frontage and 20,895 s/f of air rights. The property was sold in an all-cash transaction valued at $5.558 s/f. 138-07/11 Queens Blvd., located between 84th Dr. and 86th Ave. in Briarwood, contains 2,190 s/f on a 40' x 100' lot. It consists of three units and features 40 ft. of frontage and 9,810 s/f of air rights. The property was sold in an all-cash transaction valued at $1.235 million. "This portfolio was part of long-term ownership and offered for sale for the first time in over 40 years. Through our extensive marketing practice, we implemented a competitive bidding process which created strong demand from new buyers, old-line families and institutional buyers. The portfolio sold to a local investor at a 4.9% capitalization rate in an all-cash transaction above the full asking price," said Cushman & Wakefield's Thomas Donovan, who exclusively handled this transaction with Stephen Preuss and Brian Sarath. "We received an abundant amount of interest contributed to by the continued lack of quality assets for sale along with the desirability for larger retail product," said Preuss.