
Northmarq Brokers Chick-fil-A Sale in Long Island’s Suffolk County
Northmarq SVP Maggie Holmes and managing director Mike Sladich completed the sale of a freestanding retail property located on East Jericho Turnpike in Huntington, NY, within Suffolk County. The 4,996-square-foot property is leased to Chick-fil-A.
Holmes represented the seller, an Elmsford, NY-based shopping center owner and developer. A New York-based private family office in a 1031 exchange acquired the asset for $7.6 million reflecting a 3.68% cap rate.
“While we’ve certainly seen a shift in cap rates across the country this quarter, this sale represents the fact that private investors are still willing to pay a premium for best-in-class tenants in high barrier-to-entry markets.” said Holmes. “With nearly 2.5 acres of prime real estate on Long Island and a 20-year lease, this property will be a generational asset that can justify a cap rate below the 10-year treasury due to the long-term viability and appreciation of the real estate.”
- ◦Sale/Acquisition