JV Spends $30M on Long Island Retail Center

The asset was acquired free and clear of existing debt, in a deal secured by HFF.

By Carmen Horghidan

ShopRite at Bay Shore, N.Y.
ShopRite at Bay Shore, N.Y.

Bay Shore, N.Y.HFF recently closed the sale of ShopRite at Bay Shore in Long Island. The 60,000-square-foot retail property was sold by G&S Investors of New York City for $30 million.

The HFF investment team representing the seller was led by Managing Director Jeffrey Julien and Senior Managing Director Jose Cruz. The buyer, a joint venture partnership between Mattone Group LLC and Gartenstein Properties, acquired the asset free and clear of existing debt.

The single-tenant retail grocery property is triple-net leased to ShopRite and lies on 10 acres at 1905 Sunrise Highway, an area with daily traffic counts of more than 80,000 vehicles. National tenants such as The Home Depot, Pier 1 Imports, Best Buy, Petco and Toys”R”Us operate in the area.

Image via Google Maps