Northeast Private Client Group sells retail property for $8.84 million; Jordan of Northeast acts for seller

Hartsdale, NY Investment sales broker Northeast Private Client Group has completed the sale of the 21,000 s/f retail property located at 150-152 South Central Ave. Edward Jordan, JD, CCIM, managing director, represented the seller in the $8.84 million transaction.

“We have a proven track record of matching our clients with qualified buyers for commercial and multifamily properties,” said Jordan. “In this instance the successful buyer was a highly motivated investor engaged in a tax-deferred exchange.”

The seller is a family trust with members in Florida and California.The buyer, a New York-based investor represented by broker Vijay Raghavan, purchased the property for a price that equates to $420 per s/f, and a capitalization rate of 6.9%.

150-152 South Central Ave. comprises 21,000 s/f of multi-tenant retail space on 1.75 acres of land.

It is currently occupied by national retailers Ethan Allen and Blinds To Go, each on ten-year net leases with rent escalations and option periods. The property benefits from nearly 400 feet of frontage along the South Central Avenue retail corridor, with daily traffic of 27,500 cars per day.