"The purchase of the store provides an exceptional triple-netinvestment," says Jeffrey Dunne of CB Richard Ellis' New YorkTri-State Region Institutional Group, who brokered the deal. "Itwill provide the new ownership with long-term, predictable cashflow," says Dunne, who notes that Dick's Sporting Goods holds alease that runs through February 2027.
The Dick's store is within Rockaway Town Plaza, a 410,000-sfpower center that sits adjacent to the 1.2 million-sf RockawayTownsquare Mall. Both shopping centers are projects of SimonProperty Group. A 154,000-sf Target store sits just to the south ofDick's, while a multi-tenant 108,000-sf strip abuts the property tothe north.
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