Newmark Grubb Knight Frank (NGKF) has arranged the $9.01 million sale of a triple-net leased CVS retail store in Long Island, representing both sides in the transaction.
The trade of the CVS at 55 Cold Spring Road in Syosset was made at a 5.6% capitalization rate, according to Scott W. Berfas, who led a NGKF team on behalf of the seller, King Kullen Grocery Co. Inc.
“We were very pleased with the outcome of this transaction,” said Berfas, a managing director. “Long Island continues to be a robust market for investors seeking stable, core assets.”
Kenneth L. Zakin, a senior managing director with NGKF’s Capital Group, who represented the purchaser, added, “This transaction was particularly attractive to our IRC §1031 exchange client, a private investor based on Long Island, due to the fixed increases in the CVS lease and the prime location of the property in the heart of Syosset’s shopping district.”
Berfas was joined by NGKF Managing Director Daniel Oliver and Associate Jordan Oliver, and also King Kullen Grocery Co. Inc.’s Director of Real Estate James A. Johnston, in completing the sale.
Zakin was joined by NGKF Associate Director Randall Liberman in representing the purchaser.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.