2882-2904 Long Beach Road. Credit: CoStar
NEW YORK CITY- DHL Realty has sold its 10,044-square-foot retail center in Oceanside on Long Island, situated along the South Nassau corridor, at 2882-2904 Long Beach Road for $3.95 million, or $393 per square foot. Cushman & Wakefield arranged the sale.
"Thanks to the strong in-place revenue and reimbursements at the property, our team was able to successfully achieve a 6.31% cap rate and a rate of almost $400 per square foot for ownership," said Cushman's Daniel Abbondandolo, who represented the seller, in a prepared statement.
The retail property at 2882-2904 Long Beach Road was fully leased at the time of the sale. The asset's tenants range from regional and national franchises to local operators in the food, fitness and service provider sectors. The property is located along what is considered one of South Nassau's key retail corridors, according to the Cushman team who represented the seller, who also includes Mike Ventricelli and Dimitri Mastrogiannis.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
