Tag: retail leasing

130 Eileen Way, Syosset

Total Restoration Industries purchased the 30,500-square-foot building on 1.5 acres at 130 Eileen Way in Syosset for $9.093 million. The company, in business for more than 30 years, specializes in restoring property damaged by fire and smoke, water and flooding and mold remediation. It will be relocating from its current location down the street at 160 Eileen Way. The Syosset property at 130 Eileen Way had been the home of Big Blue Products, a global provider of IT products, computers, laptops, tablets and related parts and accessories. Max Omstrom of JLL represented the buyer, while Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate represented the seller, Alnwick Castle LLC, in the sales transaction.

 

4250 Veterans Memorial Highway, Holbrook

MDJ Realty Services, an entity owned and controlled by Michael Broxmeyer and his brother Daniel Broxmeyer, purchased the four-story 145,000-square-foot building on 6 acres at 4250 Veterans Memorial Highway in Holbrook for $13 million. The office building, located at the corner of Veterans Memorial Highway and Johnson Avenue and known as MacArthur Plaza, is 78 percent occupied. The sale price equates to $89 a square foot an in-place cap rate of about 12 percent. Though the Broxmeyers are also executives with Melville-based Fairfield Properties, the Holbrook deal has nothing to do with Fairfield, and the property will be managed by MDJ. Financing for the acquisition was provided by Joseph Fingerman at Peapack Private Bank & Trust. The buyer was self-represented, while Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield’s Long Island Investment Sales and Capital Markets team were assisted by C&W’s David Pennetta and Steve Cadorette in representing the seller, CAF Vets LLC, in the Holbrook sales transaction.

 

60-70 Cleveland Ave., Bay Shore

ZNM LLC purchased a 41,419-square-foot industrial building on 2.9 acres at 60-70 Cleveland Ave. in Bay Shore for $6.35 million. The building has a 13,000-square-foot mezzanine and 22-foot-high ceilings. Luca Perinuzzi and Ralph Perna of Schacker Realty represented the buyer, while Reid Berch and Joseph Lagano of Avison Young represented the seller, SLMP Facility LLC, in the sales transaction.

 

21-23 S. Park Ave., Rockville Centre

Eager Realty LLC, an affiliate of a family-owned real estate investment group, purchased a 2,640-square-foot restaurant building at 21-23 S. Park Ave. in Rockville Centre for $1.675 million. The building is triple-net-leased to The Ivy Kitchen & Bar, which also has a location in Huntington. The sale price equates to $634 per square foot and a 7 percent cap rate. The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, CSK Realty Inc., in the sales transaction.

 

1821 Broadhollow Road, East Farmingdale

Value Outlet leased a 20,000-square-foot building on 1.13 acres at 1821 Broadhollow Road in East Farmingdale, where it plans to open its first store. The property was the former long-time home of Ashley Furniture.

The newly minted Value Outlet is an off-price retailer of apparel, footwear, home goods and accessories. The East Farmingdale building is currently undergoing renovations, and the new store is expected to open in the next few months. Luciano Oliverio of Summit Commercial Real Estate represented Value Outlet, while the landlord JSP Realty Group was self-represented in the lease transaction.

 

48 West Main St., Patchogue

Tapster, a self-pour tasting room franchise, leased a 4,200-square-foot retail space at 48 West Main St. in Patchogue. The space was formerly occupied by Pinball Long Island. This will be the first Long Island location for Tapster, a growing franchise that has other locations open in Seattle and Bellevue, Wash., Cleveland, Ohio, Chicago, Philadelphia and Lexington, Ky. Tapster offers a self-serve tasting room model, allowing guests to explore a wide selection of craft beers, wines, cocktails, ciders, kombucha, and non-alcoholic beverages purchased by the ounce. The Patchogue Tapster, owned and operated by franchisee Allison Dee, is expected to open this spring. John Pacifico of NAI Long Island represented the tenant in the Patchogue lease transaction.

 

365 Oser Ave., Hauppauge

Boduo International Trade LLC, an affiliate of a supplier of bubble tea ingredients and products, leased a 20,000-square-foot industrial building on 1.14 acres at 365 Oser Ave. in Hauppauge. The company is relocating from its current facility in Farmingdale. Founded in 2014, Boduo International is a subsidiary of Boduo Holding Group, one of the largest milk tea suppliers in China since 2000, according to its website. The company’s product offerings include tea, non-dairy creamer, popping boba, toppings, powder, jam and syrup. Desmond Mullins of Premier Commercial Real Estate represented the tenant, as well as the landlord, Heartland Associates, in the lease transaction.

 

301 Walt Whitman Road, Huntington Station

Seven Hearts Realty LLC, an affiliate of a family-owned commercial real estate investment group, purchased the 19,530-square-foot building on 1.2 acres at 301 Walt Whitman Road in Huntington Station for $14.2 million. The acquisition was completed to satisfy the buyer’s 1031 exchange requirement. The Huntington Station property is fully occupied by Barnes & Noble, which leases 14,330 square feet and a T-Mobile store that leases 5,200 square feet. There is parking for 16 vehicles in front and another 50 parking spaces behind the building. The sale price equates to $727 a square foot and a 6.45 percent cap rate. Daniel Abbondandolo, Joegy Raju, Victor Little and Chris Sheldon of Cushman & Wakefield procured the buyer and represented the seller, 301 Route 110 LLC, in the sales transaction.

 

445 Winding Road, Old Bethpage

Daniels Real Estate Acquisition Inc., an affiliate of Daniels Health, purchased the 23,159-square-foot industrial building on 1.5 acres at 445 Winding Road in Old Bethpage for $6.69 million. Paul Leone of CBRE represented the buyer, while Gary Chimeri and Michael Berndt of Paramount Properties Group represented the seller, Quarter to Five Inc., in the sales transaction.

 

41 Howard Place, Ronkonkoma

ISP Millwork Inc. leased 9,000 square feet of industrial space at 41 Howard Place in Ronkonkoma. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, 41 Howard Place LLC, in the lease transaction.