HFF closes $30 million sale of ShopRite at Bay Shore
NEW YORK, NY – September 29, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $30 million sale of ShopRite at Bay Shore, a 60,000-square-foot, single-tenant retail grocery property 100 percent leased to ShopRite in Bay Shore, Long Island.
HFF marketed the property on behalf of the seller, G&S Investors. A joint venture partnership between Mattone Group LLC and Gartenstein Properties purchased the asset free and clear of existing debt.
The ShopRite at Bay Shore building is triple-net leased to ShopRite, the largest retailer-owned cooperative in the United States, and is proximate to notable national tenants, including The Home Depot, Pier 1 Imports, Best Buy, Petco and Toys"R"Us. The property is situated on 10 acres at 1905 Sunrise Highway on one of Long Island’s most highly-traveled highways with daily traffic counts of approximately 80,000 vehicles per day. The three-mile radius surrounding the property is home to more than 119,000 residents with an average household income of approximately $100,000.
The HFF investment sales team representing the seller was led by managing director Jeffrey Julien and senior managing director Jose Cruz.
About G&S Investors
G&S Investors develops, leases and manages income-producing properties in the tristate area. Founded in 1982, G&S is known in the industry for its creativity in solving development problems, particularly in sites which have physical, economic and political complexities. For more information, visit http://gsinvestors.com.
About Mattone Group LLC
Mattone Group is a Queens-based development and construction company with decades of experience in real estate and property management. Mattone Group manages the property portfolio, through Mattone Group Management, LLC with professionalism, financial expertise and a dedication to be the best. Mattone Group currently owns and manages over two million square feet of property in New York, Connecticut, Georgia and Florida. Visit www.mattonegroup.com for more information.
About Gartenstein Properties
Gartenstein Properties is a Brooklyn-based development and management company with over 70 years of real estate experience in commercial, residential and office development.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.