Tag: retail real estate

A retail property in East Hampton has sold for $22 million. 

LVMH, the Paris-based luxury-brand conglomerate, purchased the two-story, 5,000-square-foot building on .06 acres at 1 Main St. 

The sale price equates to $4,400 per square foot, one of the highest per-square-foot prices ever paid for retail property on Long Island. 

The property is currently leased to Cartier. 

LVMH is the publicly traded parent company of many luxury brands, including Louis Vuitton, Tiffany & Co., Fendi, Christian Dior, Bulgari and many more. 

Andrew Goldberg of CBRE represented the buyer, while Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the sellers, Elie and Jeremey Tahari, in the sales transaction. 

“We are thrilled to have arranged the sale of 1 Main Street, one of the most iconic retail assets in East Hampton,” Sutton said in a company statement. “Luxury brands such as LVMH have embraced the East End of Long Island, not just on a seasonal basis but a full-time lifestyle.” 

Abbondandolo added that the transaction defines the strength of East Hampton’s downtown retail. 

“Retail pockets such as Main Street have become a critical component to high-end retailers’ marketing and brand recognition,” Abbondandolo said in the statement. 

Seller Jeremey Tahari of Tahari Capital said he is “aggressively pursuing multifamily opportunities in this market. Please reach out to me directly with any new opportunities.”

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A Centereach-based real estate investor has purchased a retail property in the upstate Village of Catskill. 

The buyer’s entity, 19 Central LLC, purchased the 14,550-square-foot building on 1.8 acres at 19 Central Ave. in Catskill for $5.65 million. 

The property is net-leased to Walgreens, which has 10 years remaining on its lease. 

The sale price equates to a 6 percent cap rate. 

Marty Sass of Silber Investment Properties represented the buyer, while his Silber Investment Properties colleague Nicolas Anzalone represented the seller, KAJ Properties LLC, in the sales transaction. 

Peter Petrakis, a Seaford-based commercial real estate investor, purchased three retail properties in Indiana and North Carolina for a total of $3.965 million. 

The buyer acquired an 18,000-square-foot retail building on 1.3 acres at 8905 E. 10th St. in Indianapolis, Ind. for $1.3 million. The property is net-leased to Walgreens and the sale price equates to a 7 percent cap rate. 

Petrakis also purchased a 5,472-square-foot restaurant building on .91 acres at 4383 National Road in Richmond, Ind. for $1.54 million. The property is net-leased to Chili’s and the sale price equates to a 4 percent cap rate. 

The third property acquired by Petrakis is a 2,979-square-foot restaurant building on 1.94 acres at 16 New Clyde Highway in Canton, N.C. for $1.125 million. The property is net-leased to Hardee’s. 

The three acquisitions were part of a 1031 exchange in which Petrakis sold an 11,183-square-foot retail building on .68 acres at 2846 Mahoning Ave. in Youngstown, Ohio for $1.945 million. The property is net-leased to CVS and the sale price equates to a 5.7 percent cap rate. 

All of the transactions were brokered by Plainview-based Silber Investment Properties, with Adam Silber representing Petrakis on the four deals. Stuart Frankel of Silber Investment Properties represented the buyer of the Youngstown property, Vincent Garrow, and Frankel also represented the seller, Ingram G7 Partners LP, in the Richmond, Ind. sales transaction. 

Michael Turkowitz of Silber Investment Properties represented the seller, Sharon Thomas, in the Indianapolis transaction and his colleague Nicolas Anzalone represented the seller, Rocking C Investments LLC, in the Canton, N.C. deal. 

Silber’s brokerage firm has facilitated well over 300 deals with Petrakis over the last two decades. Petrakis got his start in business in the early 1990s, when he opened his first One Stop Smoke Shop convenience store in Copiague. The business soon grew to about a dozen locations across Long Island.  

After operating the convenience stores for a few years, Petrakis started buying commercial real estate. Today, his firm and its affiliates own well over 100 commercial properties throughout the country, focused on assets that have essential businesses as tenants, such as 7-Eleven, CVS, Walgreens and quick service restaurants. 

A restaurant property in Oceanside has sold for $2.7 million. 

Valerie Hanna, a Long Island-based real estate investor, purchased the 4,100-square-foot restaurant building on .13 acres at 2807 Long Beach Road. 

The property is net-leased to Nathan’s Famous, which has a long-term lease and will continue to operate at the location. 

Nathan’s Famous has been a fixture in the Oceanside neighborhood for some 68 years. In 1955, Jericho-based Nathan’s opened its second area restaurant at 3131 Long Beach Road, but the restaurant was relocated to its current Oceanside location in 2015 to make room for Buffalo Wild Wings. 

Jon Winzelberg of RIPCO Real Estate represented the buyer, as well as the seller, Bilgeo Realty Corp., in the sales transaction. 

A car wash in Oceanside has sold for $2.85 million. 

KLG Oceanside LLC, an operator of several car wash businesses on Long Island, purchased the 2,925-square-foot building on .33 acres at 332 Atlantic Ave. 

The property was sold for $2 million, and the business was sold for $850,000. 

The buyer plans to transform the business into an express car wash. 

Michael Steinberg of Hedgestone Business Advisors represented the buyer, while Ed Gottlieb of Schuckman Realty represented the seller, Jetex Inc., in the sales transaction. 

“This is my third deal with this buyer,” Steinberg said. “Working with good people like him is why I’m in this business.” 

A Jersey Mike’s Subs shop is opening at a new mixed-use building in Hauppauge. 

The 1,414-square-foot sandwich shop is located on the ground floor of 410 Motor Parkway, the newest building in the Innovation Park at Hauppauge. 

The franchise owners of the new Jersey Mike’s, Alvin Goldstein, Seth Goldstein, Marvin Goldfarb and Mitch Cohen, have six other Jersey Mike’s shops on Long Island and are members of the Hauppauge Industrial Association. This is their second shop in Hauppauge. 

The franchisees, along with their manager Bryant Aparicio, will hold a grand opening and fundraiser at their newest Jersey Mike’s location from Friday, Feb. 24 through Friday, March 10 to support Long Island Cares. Customers who receive a special fundraising coupon distributed prior to the opening can make a minimum $2 contribution to Long Island Cares in exchange for a regular sub. 

The French Workshop, an artisan bakery and café, has opened in Wantagh. 

The chain’s newest location is a 3,750-square-foot store in the Willow Wood Shopping Center at 1187 Wantagh Ave. 

This is the area’s fourth French Workshop location, joining others in Garden City, Plainview and Bayside. 

The artisan bakery and café features a menu of pastries, breads, macarons, cakes, pies, brownies, coffee, sandwiches, and more. 

Cary Fabrikant of Breslin Realty represented the tenant, while Robert Delavale was the in-house representative for the landlord, Breslin Organization, in the Wantagh lease transaction. 

A retail property in Huntington Station has traded for $1.635 million. 

JAS Aquatics purchased the 5,400-square-foot building on .46 acres at 454-456 Jericho Turnpike. 

The property, which had been divided into two stores, was delivered vacant. 

Founded in 2009, JAS Aquatics offers pool design and construction services, including pool and spa installation, decking, pavers and custom landscaping. The company will be relocating from East Farmingdale. 

Dennis Gandley and Louis Fisher of Douglas Elliman Commercial represented the buyer, as well as the seller, Valerie Hanna, in the sales transaction. 

Lacrosse Unlimited will be opening a new store in Wantagh. 

The chain, which sells a wide variety of lacrosse gear including sticks, helmets, apparel and other items, leased a 1,500-square-foot retail space in the Willow Woods Shoppes at 1151 Wantagh Ave. 

The new Wantagh store, which is expected to open by this summer, will be the 10th Long Island location for Lacrosse Unlimited. 

The chain’s principal and founder Joe DeSimone started the business in 1990 with one store in Hauppauge. Today, the company has grown to 46 locations in 14 states and a 40,000-square-foot headquarters in Edgewood. 

At Willow Wood Shoppes, Lacrosse Unlimited joins a tenant roster that includes Petco, Starbucks, French Workshop Artisan Bakery, Guac Shop Mexican Grill, Jani Restaurant, Jovia Financial Credit Union, Sterling Bank, Pro Health Care Associates and many more. 

Zack Gross of the Greenberg Group represented the tenant, while Robert Delavale served as in-house representative for landlord Breslin Organization in the Wantagh lease transaction. 

Kerber’s Farm, the Huntington farm and market that dates back to the 1940s, has opened a new café and shop in Manhattan. 

Kerber’s new 1,400-square-foot location is at 264 Bleeker St. in New York City’s West Village neighborhood. 

The new shop features reclaimed wooden beams, an antique cast-iron porcelain farm sink, salvaged tiles, vintage white Carrera marble tabletops and traditional wainscoting. 

Kerber’s NYC offers the farm’s homemade items including pies, scones, muffins, and its popular cheddar buttermilk biscuit egg sandwiches. In the café, the menu features coffee, sandwiches, pie pockets, mac-and-cheese pies, as well as garden vegetables and eggs from the Long Island farm. The store will also offer its handmade candles, honey, homemade jams and gift crates. 

During the farm’s Manhattan launch, its vintage Land Rover is parked out front of the store offering free samples of pies, brownies, cookies and hot chocolate. 

“It has been a dream of mine to bring the charm and nostalgia of Kerber’s Farm and our signature homemade pies and favorite dishes to New York City,” Kerber’s Farm owner Nick Vouglaris III, said in a written statement. “Plus, it’s great that I can now walk to work as I live a few blocks away. This neighborhood is my home, and I am delighted to bring my business here too.” 

The author of several books, Voulgaris, who has a background in hospitality and preservation, purchased Kerbers nearly 10 years ago, when it was slated for redevelopment. He restored the property which now has beehives, vegetable gardens, hens, ducks, pigs, sheep and goats. Kerber’s has since opened a farming education school at the Huntington property to teach students the importance of sustainability, organic farming, and healthy eating habits. 

Walt Whitman Shops in Huntington Station has some new tenants coming to the retail complex in the next few months. 

Levi’s, the iconic American denim brand, will be opening a 2,876-square-foot store at Walt Whitman Shops in the first quarter. Also coming soon to the mall is QQ Nails and Spa, which will have a 924-square-foot space. 

Another new tenant, which has already opened is Showcase, which has a 1,167-square-foot location. This is the second Long Island store for Showcase, the Canadian specialty retailer, which opened its first Long Island location last fall at the Smith Haven Mall in Lake Grove. 

In a relocation, Brooks Brothers, the high-end apparel retailer, is moving its Walt Whitman Shops store to a 6,589-square-foot space formerly occupied by Microsoft. 

Later this year, Arhaus, the home-goods retailer, will join the tenant roster at the mall, along with Sweetgreen, a restaurant that offers a menu focused on salads and bowls. This will be Sweetgreen’s third Long Island location, following Garden City and Woodbury. 

Recently secured zoning approvals from the Village of Lake Grove have cleared the way for the development of Long Island’s first Wegmans supermarket. 

Attorney Keith Brown, partner with Brown Altman & DiLeo, along with Key Civil Engineering and Stonefield Engineer & Design combined their efforts to secure subdivision approval, special-use permits, setback and parking variances and site-plan approval for the project to build a new 100,000-square-foot Wegmans on 8.5 acres at the DSW Plaza shopping center on Middle Country Road in Lake Grove. 

Wegmans is in contract to buy the development site from Prestige Properties & Development, which owns the 28-acre DSW Plaza. Wegmans plans to begin construction of the new supermarket this spring, once the land sale closes. 

“We want to thank Mayor Scottaline and the Village of Lake Grove staff for helping in bringing what we hope is the first of many Wegmans stores to Long Island,” Brown said in a written statement. “This flagship store will be a beautiful great addition to the village. We are very pleased to have been a part of such a great project to replace a supermarket in this market in Lake Grove to meet the pent-up demand.” 

Sam Shalem, chairman and CEO of Prestige Properties & Development, said his company is proud that Wegmans chose DSW Plaza for the chain’s first location on Long Island.  

“Wegmans is a first-class asset and will be an incredible addition to Lake Grove and the surrounding communities,” Shalem said in the statement. “We look forward to our continued partnership with Wegmans, Mayor Scottaline and the Village of Lake Grove on this landmark location.”  

Scottaline said the village is excited that Wegmans is coming to Lake Grove. 

“I am pleased with the professional way that they have presented all of their paperwork and the correspondence we have had with them,” the mayor said in the statement. Wegmans did extensive research about where they would locate on the Island, and we are so proud that they chose Lake Grove. We have been in contact with them for some time now and we are so glad that it worked out as it has.” 

Founded in 1916 as the Rochester Fruit & Vegetable Company by brothers John and Walter Wegman, the business has evolved as a regional supermarket chain called Wegmans Food Markets. The chain has more than 52,000 employees and 109 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts, Delaware and North Carolina.  

The company reported 2021 revenue of $11.2 billion. 

A motel and bank property in Commack have sold for $13.8 million. 

Mukesh Patel, a Long Island-based real estate investor, purchased the 35,000-square-foot Commack Motor Inn and the adjacent 4,000-square-foot bank building net-leased to Roslyn Savings Bank. The property, which fronts Jericho Turnpike in Commack, totals 2.5 acres. 

The sale, which includes the motel business, also included a 2,000-square-foot, 3-bedroom house located behind the motel. The sale price equates to a 6 percent cap rate. 

The Commack Motor Inn at 2231 Jericho Turnpike has been owned by Raymond Marquez for nearly 50 years. The 92-year-old Marquez, who was given the moniker “Spanish Ray,” achieved notoriety by running an illegal numbers racket in Harlem from the 1950s through 2001, according to published reports. His exploits were featured in a book titled “Gangsters of Harlem.” 

Michael Steinberg and Joseph Lanciotti of Hedgestone Business Advisors, formerly known as Empire Business Management, represented the buyer, as well as the seller, in the sales transaction. 

“The buyer saw an excellent opportunity due to the fact that this is a value-add play,” Steinberg said. “Room prices at the motel haven’t been raised in the last 10 years.” 

A retail property in Westbury has traded for $11 million. 

Jericho-based Beechwood Organization purchased the 12,107-square-foot retail building on 2.5 acres at 737 Merrick Ave. 

The property is net-leased to Buffalo Wild Wings, which has about 9 years remaining on its lease. The sale price equates to a 4.5 percent cap rate. 

Beechwood, which also owns another restaurant property next door to the Buffalo Wild Wings, may consider the site for a future redevelopment project. In September, the company opened The Selby, a $125 million, 237-unit luxury apartment building at 695 Merrick Ave., located just south of the two restaurant properties. 

Clem Cote of Sovereign Realty Group and Guy Canzoneri of Berkshire Hathaway Commercial Services represented the buyer, as well as the seller, Questus Capital, in the sales transaction. 

Last year, Cote also brokered the Beechwood acquisition of the former Houlihan’s restaurant property at 725 Merrick Ave. 

“I’m excited to continue to support the efforts of prestigious developers such as Beechwood in their efforts to elevate the quality of development and housing on Long Island,” Cote said.

A long-held retail property in Lake Grove has sold for $42.2 million. 

PRNK1 LLC, an entity owned by a Long Island-based real estate investor, purchased the 88,000-square-foot center on 8.58 acres at 111-145 Alexander Ave. 

The acquisition was part of a 1031 exchange. 

The property, known as the Smith Grove Shopping Center, is anchored by an ALDI grocery store and is 95 percent occupied. It was built in 1972 by the Bregman family, which has owned the shopping center for the last 50 years.  

Raj Whadwa of Global Realty Services USA represented the buyer, while Jeremy Isaacs and Jon Winzelberg of RIPCO Real Estate represented the seller, Condan Enterprises LLC, in the sales transaction. 

“This was a rare opportunity to acquire a prime piece of investment real estate that hasn’t changed hands in half a century,” Isaacs said. “The buyer saw the unique opportunity to upgrade the property and hold it for the long term.”