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.
David Winzelberg
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