CityBizList | July 24, 2017
With 10-year lease term, property offers investors steady cash flow and long-term upside
GFI Realty Services LLC today announced that it has been named the exclusive sales agent for a newly constructed 9,100-square-foot retail property located at 113-24 Rockaway Beach Boulevard in the Rockaway Park section of Queens. The property is fully occupied by Family Dollar, an investment-grade tenant, which is in the initial year of 10-year net lease at the property. The tenant also holds several extension options with rent escalations beyond the initial 10-year agreement.
Yisroel Pershin of GFI Realty will lead the property’s marketing efforts, with pricing targeted at approximately $3.6 million.
Located steps away from a heavily trafficked commercial area on Beach 116th Street, the property also includes a parking lot — a rarity for the area — which increases its attractiveness to both shoppers and potential investors. The building also provides easy access to the A train and local buses.
“There are very few newly built New York City retail properties that are net-leased to investment-grade tenants, and we expect significant interest from buyers looking for steady cash flow for at least the next decade,” said Pershin. “The property’s location also makes it an excellent long-term investment. With land prices in the area appreciating rapidly, there’s a distinct chance that the buyer will only recognize the full value of his investment at the culmination of the Family Dollar lease.”
Following its merger with Dollar Tree in July of 2015, Family Dollar is currently the largest discount retailer in North America, with over 13,800 stores and annual revenues in excess of $18.4 billion.
GFI Realty is extremely active in arranging investment sales for multifamily, net-leased, mixed-use and developable property across Queens, Brooklyn, Manhattan and The Bronx.
View full article here.