Cushman & Wakefield Sells the Vanguard Retail Portfolio - Three Retail Properties in Briarwood & Oakland Gardens
The Vanguard Retail Portfolio, consisting of three Queens retail properties located at 221-02/50 Horace Harding Expressway, 137-67/79 Queens Boulevard / 138-09 84th Drive, and 138-07/11 Queens Boulevard, was sold in all-cash transactions with an aggregate value of $23,776,000.
The properties, located in Briarwood and Oakland Gardens, total 28 units and approximately 44,858 square feet with additional development potential. The sale price equates to approximately $530 per square foot.
221-02/50 Horace Harding Expressway, located between Springfield Boulevard and 224th Street in Oakland Gardens, contains approximately 33,698 square feet on a 500’ x 409’ irregular lot. It consists of 18 retail units with parking and features approximately 500 feet of frontage and 53,159 square feet of air rights. The property was sold in an all-cash transaction valued at $16,982,857.
137-67/79 Queens Boulevard / 138-09 84th Drive, located on the corner of Queens Boulevard and 84th Drive in Briarwood, contains approximately 8,970 square feet on a 96.85’ x 100’ lot. It consists of seven units and features approximately 99 feet of frontage and 20,895 square feet of air rights. The property was sold in an all-cash transaction valued at $5,558,026.12.
138-07/11 Queens Boulevard, located between 84th Drive and 86th Avenue in Briarwood, contains approximately 2,190 square feet on a 40’ x 100’ lot. It consists of three units and features approximately 40 feet of frontage and 9,810 square feet of air rights. The property was sold in an all-cash transaction valued at $1,235,116.88.
“This portfolio was part of long-term ownership and offered for sale for the first time in over 40 years. Through our extensive marketing practice, we implemented a competitive bidding process which created strong demand from new buyers, old-line families and institutional buyers. The portfolio sold to a local investor at a 4.9% capitalization rate in an all-cash transaction above the full asking price,” said Cushman & Wakefield’s Thomas A. Donovan, who exclusively handled this transaction with Stephen R. Preuss and Brian Sarath. “We received an abundant amount of interest contributed to by the continued lack of quality assets for sale along with the desirability for larger retail product,” added Preuss.