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M&M Sells 162-25 Liberty Ave. on Busy Jamaica Block

NEW YORK CITY-The asset, anchored by fast food retailers like Dunkin Donuts, Popeye’s, Subway and Papa John’s, sold at $656 per square foot, a high price for the Southern Queens retail market, according to Marcus & Millichap’s Naomi Shu.

By Jacqueline Hlavenka | Updated on February 29, 2012

NEW YORK CITY-Liberty Merrick Plaza, a 4,650-square-foot retail property near York College in Jamaica, Queens, has been sold by Marcus & Millichap Real Estate Investment Services for $3.05 million, according to J.D. Parker, vice president and regional manager of the firm’s Manhattan office. The asset, located at 162-25 Liberty Ave., commanded nearly $1 million more than its original asking price, says M&M’s Naomi Shu, who exclusively represented both the buyer and seller on the deal.

“We had multiple offers at the end,” Shu tells GlobeSt.com, noting that the property sold for $656 per square foot at a cap rate of 7.33%, a high value for the Southern Queens retail market. “It’s all national tenants and all franchise stores in a busy location in Jamaica. My guess is that a national tenant wouldn’t just choose anywhere.”

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