CUSHMAN & WAKEFIELD INKS TRADE OF LONG ISLAND RETAIL PROPERTY
HUNTINGTON STATION, N.Y. – March 30, 2011 – (RealEstateRama) — Commercial real estate services firm Cushman & Wakefield, Inc., has orchestrated the trade of Turnpike Plaza shopping center in Huntington Station. Kimco Realty Corporation purchased the 53,000-square-foot, grocery-anchored asset from Centro Properties Group for $7.9 million.
Located at 695-731 East Jericho Turnpike (Route 25), Turnpike Plaza sits in the heart of Suffolk County’s primary retail corridor. Surrounded by densely populated, high-income communities, it enjoys a daily traffic count of nearly 34,000 vehicles. The property currently is 95 percent leased, and anchored by Waldbaum’s and Rite Aid.
“Turnpike Plaza is a well-occupied shopping center in a premier, high-traffic location,” noted Gary Gabriel of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, who headed the sale with team members Andrew Merin, David Bernhaut and Grace Braverman. “At the same time, the grocery lease, which is well below market rent, is set to expire in the near term and presents a great value-add play.”
According to Merin, the offering drew significant interest. “Retail – especially highly sought-after grocery anchored retail – rarely comes online on Long Island,” he said. “We saw a wide range of investors bid on Turnpike Plaza, including larger institutions, local private investors and even a couple of users. Kimco, which is one of Long Island’s most prominent owners and one of the country’s largest REITs, ultimately landed the deal right in its own backyard.”
Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $14.5 billion worth of transactions since 2000.
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