DHL Realty Sells Long Island Retail Center
DHL Realty has sold its 10,044-square-foot retail center in Oceanside on Long Island, situated along the South Nassau corridor, at 2882-2904 Long Beach Road for $3.95 million, or $393 per square foot. Cushman & Wakefield arranged the sale.
NEW YORK CITY- DHL Realty has sold its 10,044-square-foot retail center in Oceanside on Long Island, situated along the South Nassau corridor, at 2882-2904 Long Beach Road for $3.95 million, or $393 per square foot. Cushman & Wakefield arranged the sale.
“Thanks to the strong in-place revenue and reimbursements at the property, our team was able to successfully achieve a 6.31% cap rate and a rate of almost $400 per square foot for ownership,” said Cushman’s Daniel Abbondandolo, who represented the seller, in a prepared statement.
The retail property at 2882-2904 Long Beach Road was fully leased at the time of the sale. The asset’s tenants range from regional and national franchises to local operators in the food, fitness and service provider sectors. The property is located along what is considered one of South Nassau’s key retail corridors, according to the Cushman team who represented the seller, who also includes Mike Ventricelli and Dimitri Mastrogiannis.