Marcus & Millichap Arranges $20M New York ShopRite Sale
- Aug 20, 2020
Marcus & Millichap has brokered the $19.5 million sale of a 60,896-square-foot retail property leased by ShopRite in Uniondale, N.Y. Barry Wolfe and Glen Kunofsky negotiated on behalf of the seller, Piermont Properties. Brad Nathanson sourced the buyer, a private investor, while Christopher Marks and Michael Helpern secured acquisition financing from a regional bank.
The asset last changed hands in 2009, when Piermont Properties acquired it from Northwestern Mutual for $1.9 million, Nassau County records show. The insurance company had owned the property since 2007, when Philips International Holdings provided a deed in lieu of foreclosure.
Located on 4 acres at 1121 Jerusalem Ave., the building was completed in 1996. ShopRite occupies the property under a long-term net lease, according to Nathanson. The store is adjacent to a 90,000-square-foot Walmart in a well-trafficked retail corridor. More than 300,000 cars pass through the area on a daily basis.
In July, Marcus & Millichap completed the $13.4 million disposition of Durango Town Center, a 41,781-square-foot retail asset in Durango, Colo. The firm represented the buyer, a private investor, and arranged the acquisition financing.