Press Releases
Marcus & Millichap Brokers Sale and Arranges Financing for Long Island Retail Property
June 10, 2024
ROCKVILLE CENTRE, N.Y., June 10, 2024 – 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 single-tenant net-leased TD Bank located in Rockville Centre, New York. The 3,869-square-foot asset sold for $7,650,000. Marcus & Millichap Capital Corporation (MMCC) arranged the $3,725,000 acquisition financing.
“This is a unique piece of real estate, being the only retail property in the entirety of downtown Rockville Centre with an approved drive-thru. TD Bank has strong deposits, and successfully identified a 1031-exchange buyer who was solely focused on absolute triple-net-lease, zero management properties in metro NYC,” said Scott Plasky. “This marks the fourth NYC net-leased deal we have sold in 2024, underscoring the continued demand for premier tenants with no management.”
Plasky, Michael Kook, and Billy Stephan IV, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and secured the buyer, both private investors. Marcus & Millichap Capital Corporation’s Stephen Filippo arranged the financing.
The site is located at 290 Merrick Road, directly in the heart of the Rockville Centre retail corridor, surrounded by local and national retailers. The property features a three-lane drive-thru with parking for 21 cars.
“This is a unique piece of real estate, being the only retail property in the entirety of downtown Rockville Centre with an approved drive-thru. TD Bank has strong deposits, and successfully identified a 1031-exchange buyer who was solely focused on absolute triple-net-lease, zero management properties in metro NYC,” said Scott Plasky. “This marks the fourth NYC net-leased deal we have sold in 2024, underscoring the continued demand for premier tenants with no management.”
Plasky, Michael Kook, and Billy Stephan IV, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and secured the buyer, both private investors. Marcus & Millichap Capital Corporation’s Stephen Filippo arranged the financing.
The site is located at 290 Merrick Road, directly in the heart of the Rockville Centre retail corridor, surrounded by local and national retailers. The property features a three-lane drive-thru with parking for 21 cars.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
