(Read more on the netlease market.)
MIDDLETOWN, NY-Marcus & Millichap Real Estate InvestmentServices has brokered the sale of 88-98 Dolson Ave., a new 20-yeardouble net leased Rite Aid store here. 293 Tenth Avenue Corp.,described for Marcus & Millichap officials as a New York area1031 exchange buyer, acquired the Orange County property for $7.9million or $540.72 per sf at a cap rate of 7.3% from DolsonAssociates Management.
Rite-Aid relocated from nearby Shop Rite Plaza to the recentlycompleted 14,564-sf prototype store. Dean Zang, a senior associate,and Mark Taylor, a senior investment associate, with Marcus &Millichap's Philadelphia office represented the seller. ShlomoManne, senior associate with the firm's Manhattan office, securedthe buyer in the transaction.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
