Northmarq SVP Maggie Holmes and Managing Director Mike Sladich completed the sale of a detached retail property on the East Jericho Turnpike in Huntington, NY, Suffolk County. The 4,996-square-foot lot is leased to Chick-fil-A.
Holmes represented the seller, a shopping center owner and developer from Elmsford, NY. A New York-based private family office acquired the asset on a 1031 exchange for $7.6 million, giving it a 3.68% cap rate.
“While we certainly saw a shift in cap rates across the country this quarter, this sale demonstrates the fact that private investors are still willing to pay a premium for prime tenants in markets with high barriers to entry,” said Holmes. “With nearly 2.5 acres of prime Long Island real estate and a 20-year lease, this property will be a generational asset that can justify capping under the 10-year Treasury due to the real’s long-term profitability and appreciation of the property.”
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