Rockville Centre & NYC Bryant Park, NY: Schuckman Realty has been exclusively retained to sell five separate retail properties, all with parking, during Q3 2021. Accentuated by the Covid-19 Pandemic, customers, tenants, and investors have flocked towards retail properties with dedicated parking. The Schuckman Investment Sales Team has seen incredible demand for value-add retail with parking over the past 6 months and each of these five new exclusives present their own value-add propositions.
The properties are:
79-15 Eliot Ave, Middle Village, Queens, is a corner 19,600 SF lot improved by a 10,000 SF Retail store that is NNN leased to a grocery store and Dunkin. The asking price is $14,000,000 and Schuckman Realty’s Matt Colantonio and Kenneth Schuckman are leading the marketing process. Matt added, “The meticulously updated property is primed for an owner/user supermarket operator in an extremely dense higher-middle-income Middle Village market that has a low supply of larger retail lots with parking similar to 7915 Eliot.”
460-488 E Jericho Turnpike, Huntington Station, Long Island, is a 2.22-acre cash flowing redevelopment site that is improved by two fully leased 3,000 SF medical buildings and a 1.6 vacant parcel of land. The asking price for the assemblage is $6,500,000. Schuckman Realty’s Matt Colantonio and Mendy Wiesner are spearheading the sale. Mendy noted, “Developers on Long Island are always searching for redevelopment sites that are more than an acre on heavily-trafficked streets. This 2.22-acre site has 350’ of frontage on Jericho Turnpike, which typically sees 35,000 vehicles per day. The bonus of in-place NNN income with developer-friendly termination clauses to help carry the property while the eventual buyer works through the planning and approval process of the redevelopment.”
2102 Ralph Ave, Flatlands, Brooklyn is a 12,000 SF corner retail building with parking on a 23,000 SF lot. This property is directly across from the grocery anchored Georgetowne Shopping Center and the asking price is $7,000,000. Schuckman Realty’s Steven Hakakian is marketing the property For Lease and For Sale added, “Ralph Ave is a corner retail asset with parking and under-market rents across the tenant lineup, a rarity in NYC’s Investment Sales Market, where the demand amongst the value-add investor community is very high.”
1145 N Colony Rd, Wallingford, CT, Staples Plaza, is a 97,202 SF Staples, Dollar Tree and Goodwill-anchored shopping center, 15 miles northeast of Downtown New Haven. The property also features an undeveloped 1-acre pad site at the northern entrance. Asking price is $9,000,000 and the marketing process is being handled by Stanley Schuckman and Matt Colantonio. “The effects of the Covid-19 Pandemic have placed an emphasis on suburban shopping centers and there is always demand for value-add shopping centers. With a mix of stable corporate and local tenants, 20,000 SF in value-add existing vacancy, and the 1-acre pad site ripe for development, Staples Plaza is a perfect acquisition for an experienced shopping center owner looking to add their own personal touch to a historically-secure suburban New Haven, Connecticut asset,” said Stanley.
854 Route 13, Cortland, NY, Cortlandville Crossing, is a 260,319 SF grocery-anchored shopping Center on 22 acres which includes Price-Chopper, Marshalls, Dollar Tree, and JCPenny in its tenant lineup. The property is located 3 miles southwest of central downtown Cortland and 21 Miles East of Ithaca, and in between a Lowe’s and a Super Walmart. Both Lowe’s and Walmart own their land on either side of Cortlandville Crossing. Asking price for the center is $6,500,000. Leading the marketing process, Matt Colantonio adds, “Cortlandville Crossing is a heavy value-add acquisition opportunity. With a 100,000 SF former Kmart space available, both users and redevelopers are looking for ways to redevelop and re-tenant this well-located center which is strategically positioned between two retail powerhouses, Lowe’s and Walmart.”
The Covid Pandemic forced all Tenants, Landlords, and brokers to focus their business plans and adapt to the changing times. We learned that the retail industry is not dead, it won’t die, but it is simply adapting to the changing times. Parking, drive-throughs and existing or 2nd generation restaurant space became clear winners and investors are flocking back to the market in high numbers while sellers are moving to transact before end of 2021 when the new tax laws of the existing administration become law. We are expecting a very active Q4.
About Schuckman Realty Inc.: Schuckman Realty is a full service commercial real estate services firm serving New York City, Long Island, New Jersey, and the surrounding tri-state area. The Investment Sales team at Schuckman Realty Inc. brings vast and nuanced market knowledge, insight, and ingenuity to your portfolio from inception to completion. Schuckman Realty offers expertise in determining a property’s best use in terms of value gains to investors, extensive research and vetting process, access to qualified buyers and a proven sales & marketing team with a creative approach to maximize value.
Keywords: Property for Sale, Commercial Real Estate, Investment Sales, Property Sale, Schuckman Realty, Real Estate Sales, Q3 Sales