HICKSVILLE, NY – (RealEstateRama) – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, has arranged the sale of a 100%-occupied, 13,300-square-foot multi-tenant retail center on Long Island in Hicksville, New York, 30 miles east of New York City. The sale price was $6,625,000, representing nearly $500 per square foot.
Hanley Investment Group Associate Dylan Mallory and Vice President Jeff Lefko, along with Marty Sass of Silber Investment Properties, represented the seller, Riark LLC, in the transaction. Robert Sharfstein of RPS Capital Management represented the buyer, a Long Island real estate investor.
The retail property is located on 1.01 acres at 96-102 North Broadway and 1-3 Newbridge Road in Nassau County, one of the highest average income counties in the U.S. and the wealthiest county in the State of New York, according to Mallory.
The five-tenant retail property includes a mix of national and regional tenants with long-term historical occupancy. The tenants are Dunkin’/Baskin Robbins, Pizza Hut, Wize Eyes, DTE Window Tinting and Utopia. The final sale also included a single-family home positioned adjacent to the retail property, along Newbridge Road.
The retail center is located at the split of two major thoroughfares, North Broadway and Newbridge Road, with a combined traffic count exceeding 58,000 cars per day. Additionally, there are approximately 314,000 people with an average household income above $153,000 within a 5-mile radius of the property.
Within walking distance to the property is Broadway Commons Mall, a large regional shopping center anchored by Target, Macy’s and IKEA; Heritage Village, a proposed mixed-use development on the site of a former Sears location; and the Hicksville Station, part of the Long Island Rail Road (LIRR), and the busiest station on Long Island with over 6 million annual passengers.
“The property features high-traffic counts and excellent visibility and offers long-term future redevelopment potential based off its proximity to Broadway Commons Mall, Hicksville Train Station and the future Seritage mixed-use, transit-oriented development,” said Mallory.
“This sale is another excellent example of Hanley Investment Group’s nationwide reach and ability to procure aggressive private buyers across the country,” Mallory added. Hanley Investment Group has sold 67 multi-tenant retail pads and shopping centers nationwide in the last 18 months.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.
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