Hicksville, NY T.M. JASME EAST, LLC has purchased properties located at 96-102 N Broadway, 1-3 Newbridge Rd. and 29 Williams St., from RIARK, LLC for $6.625 million at 6.5% cap rate through a 1031 exchange. The properties have retail tenants Dunkin Donuts, Pizza Hut, Wize Eyes, DTE Window Tinting, and Utopia, as well as a residential single-family home at 29 Williams St. The retail space is 13,300 s/f and a lot size of 0.83 acres.
The deal was complicated with a sale leaseback, contract, and open permits that will need to be handled post closing. After five months of negotiating, the contract and lease were signed at the closing. Marty Sass of Silber Investment Properties collaborated with RPS Capital Management and Hanley Investment Group as brokers.