NEW YORK, NY March 22, 2018 — Cushman & Wakefield today announced that the brokerage firm has been retained on an exclusive basis to arrange the sale of a portfolio consisting of five one-story corner retail strips situated in the South Queens. The portfolio’s total asking price is $13.2 million, although buildings are also available separately as well. The average cap rate is 6.2% and the price per square-foot is $509.
A team led by Senior Managing Director Stephen R. Preuss, with Director Denise Prevete, Associate Director Kevin Louie and Senior Associate Andreas Efthymiou will represent the sellers in all marketing efforts.
“This portfolio offers an exceptional opportunity to invest in easily accessible Queens retail properties,” said Stephen R. Preuss of Cushman & Wakefield. “Each unit benefits from exceptional visibility with significant frontage, and is along highly trafficked corridors near major transportation assets.”
The individual properties include 146-92 Guy R. Brewer Boulevard, a 5,800-square-foot, six-unit retail strip located in Springfield Gardens near JFK Airport. The property offers parking and approximately 120 feet of frontage on Guy R. Brewer Boulevard and 104 feet of frontage on 147th Avenue. This corner sees an average daily traffic count of over 22,000 cars passing daily.
The offering also includes 1326-1342 Beach Channel Drive in Far Rockaway, a 5,600-square-foot seven-unit retail strip boasting 115 feet of frontage on Beach Channel Drive; and 222-16 Merrick Boulevard, a 5,500-square-foot, recently renovated five-unit retail strip. The latter is fully-leased and offers approximately 100 feet of frontage on Merrick Boulevard and 100 feet of frontage on 223rd Street.
Additionally, the package offers 18930-18934 Linden Boulevard, a 3,000-square-foot, fully-leased three-building retail strip located in St. Albans. The property enjoys approximately 50 feet of frontage on Linden Boulevard and 85 feet of frontage on 190th Avenue. This corner sees an average daily traffic count of over 12,000 cars passing daily.
The final property is 21787-21795 Hempstead Avenue, a 6,000-square-foot six-unit retail strip offering 50 feet of frontage on Linden Boulevard and over 85 feet of frontage on 190th Avenue. This corner also sees a tremendous average daily traffic count of over 30,000 cars passing daily.
Each property is accessible via nearby MTA buses and major highways.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.