Rosewood Realty Group closes $1.3 million sale

Rosewood Realty Group has successfully brokered the sale of a three-store, 4,300 s/f strip mall for $1.3 million. The mall, with onsite parking, is located at 450 Rockaway Tpke. "The mall's location on an extremely busy retail corridor in an affluent neighborhood was a big plus," said Aaron Jungreis, founder of Rosewood Realty Group. "The mall is fully occupied with 10 years left on all leases." The property's cap rate is 8.25% and the selling price is $300 per s/f, according to Jungreis. The buyer is 450 Rockaway LLC, an investment group and the seller is Rockaway K Realty LLC, a local real estate owner. Rosewood Realty Group LLC represented both the buyer and the seller. The brokers are Aaron Jungreis, Joseph Smith and Michael Guttman, all of Rosewood Realty Group.