(To read more on the industrial market, click here.)

LONG ISLAND CITY, NY-A Queens investor has acquired the Quinn Portfolio, which is comprised of three-buildings here and in Flushing. The sites sold for $9.7 million.

The entire portfolio is triple net leased to Service Corp. International through September 2009 with a five-year renewal option. The transaction occurred at a capitalization rate of 5.91% and a gross rent multiple of 16.05. “The properties were owned by the same family for nearly 100 years,” says Massey Knakal Realty Services’ broker Alfonso Holloman, who exclusively represented the seller with partner Thomas Donovan.

35-20 Broadway is a 100-ft-wide, four-story elevatored commercial building that houses a funeral home, office and retail space over approximately 40,000 sf. At 31-75 37th St. is a 2,250-sf garage on two abutting tax lots totaling approximately 5,000 sf. The third property, 162-14 Sanford Ave., is a two-story, 6,400-sf funeral home with an open-air parking lot of approximately 16,392 sf.

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