RCBJ-Audible (Listen For Free)
Stop & Stop-anchored Retail Center In Haverstraw Sells for $26.5 Million
JLL Capital Markets negotiated the $26.5 million sale of Samsondale Plaza, a 156,185-square-foot shopping center anchored by Stop & Shop in the Rockland County Village of West Haverstraw.
JLL marketed the property on behalf of the seller, a joint venture between Mark Holdings LLC and Paragon Realty Group LLC. The buyer is an affiliate of Northeast Capital Group.
The JLL Capital Markets team representing the seller was led by Jose Cruz, J.B. Bruno, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Austin Pierce, along with Andrew Scandalios.
Samsondale Plaza, anchored by Stop & Shop, is located at 45 South Route 9W. Other major tenants at the 91 percent leased center include New York State Department of Motor Vehicles, Dollar Tree, Advance Auto, Sports Clips, Sally Beauty Supply and Mandee.
“Well-located grocery-anchored retail with upside in the rent roll continues to be in high demand today as investors look to increase their retail holdings,” Cruz said. “Samsondale provides a great current yield with a stable tenant base and future appreciation.”
6-12 Hoover Avenue in Haverstraw Sells For $6.25 Million
RDM CSG Hoover LLC sold its property at 6-12 Hoover Avenue in Haverstraw to Spring Valley-based Hoover Realty Holding LLC for $6,250,000. The commercial property, on 2.33 acres, includes a 29,000 square foot industrial building with 7,000 square feet of storage space, one loading dock, and four drive-in doors with 20-foot ceiling clearance.
The property is accessible from both Route 9W and Hoover Avenue. The closing was June 29th.
Joel Gruber from Rand Commercial / New City office represented the seller; the buyer, Elite ACQ, represented itself.
Nyack Apartment Complex Sells For $4.1 Million
A 19-unit market rate, multi-family apartment rental complex in Nyack at 26-28 Upper Depew Ave. has sold for $4.1 million. The cost per unit was $216,000 for the 16,350 square foot property; the cap rate was 4.4 percent. Brokers on the sale were Michael Scrima and Thomas Gorman Jr. from Redwood Realty. The complex, built in 1975, was sold by the Frankel family, the original developers, to the Rabbani Group, both of Bergen County, NJ.
“There is strong demand for quality rentals,” said Scrima. “The rents on these large apartments are probably 30 percent to 40 percent below market value.”
Scrima said the new owners plan to gradually renovate the apartments, but not spike rental rates.
“As people move out, they will renovate and up the rentals,” he added. “The buyers have bought this as a long-term family asset. They plan to turn the units into Class A apartments over time.”
Scrima and other brokers agree multifamily properties move lightening fast, with negotiations favoring sellers due to tight inventory and high demand. “It’s a seller’s market,” said Scrima. “Sellers are demanding fast due diligence periods and no mortgage contingencies. Buyers may have 60 days to get a mortgage, but they don’t have the luxury for contingencies. They have to do their due diligence up front and line up financing.”