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Strip Mall Trades Hands in Nearly $4M Deal

QUEENS, NY-The retail asset sells for $209.70 per sf in a deal that brought more than 45 offers.

By Melissa Kress | Updated on April 17, 2007

QUEENS, NY-A strip mall at the corner of Rockaway Beach Boulevard and Beach 105 Street has changed owners in a $3.82-million deal. The deal for the 18,240-sf asset at 103-22 Rockaway Beach Blvd. equaled $209.70 per sf and carried a 5.55% cap rate.

Rossrock LLC was the seller, with Westchester investor AVR Acquisition Corp. coming in with the winning offer. Massey Knakal Services brokered the deal.The property has seven retail spaces, and the tenant roster features Studio J-Beauty Salon, Special Security Inc., New York Community Bank, Lawrence Physical Therapy, Chung Woong Huh, and Cyberzone Corp–which occupies two spaces, a Massey Knakal spokeswoman tells GlobeSt.com. In addition, the property has 120 parking spaces.

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