Net-Leased ShopRite Grocery Sells in Suburban Long Island, New York
UNIONDALE, N.Y., Aug. 18, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of a 60,896-square-foot ShopRite grocery store in Uniondale, a suburb of Long Island, New York. The property sold for $19.5 million.
“Wakefern Food Corp., the merchandising and distribution arm for ShopRite, is the largest retailer-owned cooperative in the United States; and with over 70,000 employees, is New Jersey’s biggest employer,” said Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office. Wolfe and Glen Kunofsky in the firm’s Manhattan office represented the seller. Brad Nathanson of Marcus & Millichap’s Institutional Property Advisors (IPA) division in Philadelphia procured the buyer. Michael Helpern and Christopher Marks in Marcus & Millichap Capital Corporation’s (MMCC) Manhattan office arranged acquisition financing for the buyer through a regional bank. John Krueger is Marcus & Millichap’s broker of record in New York.
“Investors who targeted multi-tenant shopping centers prior to the pandemic are flocking to the safety of net-lease assets with large essential anchors, whether they’re supermarkets, warehouse clubs, or home improvement retailers,” added Nathanson. “The ShopRite in Uniondale is a leading grocer with a long-term lease and top-tier sales in a dominant infill submarket of Long Island.” The grocery store is located within a shopping center co-anchored by Walmart on Jerusalem Avenue in a heavily populated residential and retail corridor. Jerusalem Avenue is parallel to Southern State Parkway and intersected by Meadowbrook Parkway, which combined bring over 300,000 vehicles into the immediate area daily. Hofstra University, Nassau Community College and Nassau University Medical Center are within a three-mile radius of the property.
“Amid the challenges of the coronavirus outbreak, we conducted a national bidding process that generated a great deal of investor activity and gave the seller a range of buyers to choose from,” commented Kunofsky. “The transaction is a great example of the power of Marcus & Millichap’s collaborative platform,” added Helpern. “MMCC provided the buyer with multiple quotes and three term sheets from qualified lenders. Glen and Barry collaborated on seller representation, and Brad brought in the buyer. We worked through the peak of the COVID-19 health crisis in New York and overcame the impact of the pandemic all but collapsing the debt markets.”
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.