Shu of Marcus & Millichap R.E. completes $6.1 million in Queens

Marcus & Millichap Real Estate Investment Services has completed the sale of a 13,515 s/f shopping center in the Elmhurst neighborhood for $6.1 million, according to Edward Jordan, regional manager of the firm's Manhattan and east coast director of the firm's Net Leased Properties Group. The property's sales price at $451 price per s/f represents a 6.5% CAP rate on the property's net operating income. Senior associate Naomi Shu of Marcus & Millichap's Manhattan office represented both the seller, Slope Realty Co. and the buyer, 53-55 Hester, LLC. "By providing a 1031 buyer, the seller was able to receive the best price for his property," said Shu. "Given the location and versatility of space, this deal presents numerous opportunities for the knowledgeable investor." Built in 1990, the six-unit retail property is located between Roosevelt Ave. and 40th Rd. The property is comprised of 13,515 s/f rentable space and a 6,947 s/f lot. With more than 1,300 investment professionals in offices nationwide, Marcus & Millichap is one of the largest commercial real estate brokerages in the nation focusing exclusively on real estate investments. In 2007, the company closed $20.7 billion in transactions.