Avison Young Sells Net-Lease Property for $5.1M
The Long-Island property, which is occupied by a USPS distribution facility, set a record sales price and cap rate, outside the state of California.
NEW YORK – The Net Lease Investment Sales Group for Avison Young has finalized the $5.1 million sale of a single-tenant, net-leased United States Postal Service (USPS) property.
The property, located at 2040 Merrick Road in Merrick, NY, sold for a record price and cap rate, outside the state of California.
2040 Merrick Road serves as a mission-critical, last-mile distribution facility for USPS, which recently renewed a ten-year lease at the location. The 10,742-square-foot facility structure sits on a 29,800-square-foot lot. The facility recently underwent renovations which were completed this year.
The site is situated near the intersection of Merrick Road and Merrick Avenue.
The seller, 2040 Merrick LLC was represented by Avison Young’s Net Lease Investment Sales Group led by senior director, Asher Wenig, alongside principals, James Nelson and Jim Kinsey.
The United States Postal Service provides postal services to the US and its associated areas, serving as the second largest employer and the operator of the largest vehicle fleet in the country.
Avison Young, founded in 1978, is a global commercial real estate services firm headquartered in Toronto, Canada. The firm is comprised of 5,000 professionals in 120 offices across 20 countries, providing services in investment sales, leasing, advisory, management and financing across various sectors.