Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Four Bronx Retail Buildings

12/04/2012

Massey Knakal Realty Services has been retained on an exclusive basis to sell four commercial buildings, three located in the Pelham Bay neighborhood and one in the Throggs Neck neighborhood of the Bronx. The buildings total approximately 31,114 square feet and have a combined asking price of $12,150,000.

The first two properties are prime Pelham Bay single-story commercial buildings located at 3130 and 3132 East Tremont Avenue, between Latting Street and Waterbury Avenue.  Built in 1998, each is approximately 2,600 square feet and sits on a 25’ x 104.23’ irregular lot.  At 25 feet wide, each property provides a strong retail presence and exposure. The current tenant at 3130 East Tremont Avenue, Hudson Valley Bank, is operating on a NNN lease expiring November 30th, 2018. The current tenant at 3132 East Tremont Avenue, Sylvan Learning Center, is operating on a NNN lease expiring September 30, 2012.  The asking price for each is $975,000 (7.6% and 9.0% Cap Rates respectively).

The third property is a newly constructed commercial building at3227-3233 East Tremont Avenue, located between Waterbury and Puritan Avenues in the Pelham Bay section of the Bronx.  It is approximately 12,000 square feet and sits on a 150.11’ x 100’ irregular lot.  The site consists of four units and features parking for approximately 20 cars in the rear.  Throggs Neck Medical Care is operating on a long term lease until May 31st, 2022.Club Babalu is also on a long term lease that expires in July 2016.  Providing 150 feet of frontage on a main thoroughfare in Pelham Bay, the property is ideal for an investor or owner/user.  The asking price is $4,500,000 (6.2% Cap Rate).

The fourth property is a retail/commercial building at 3677-3783 East Tremont Avenue, located between Philip and Randall Avenues in the Throggs Neck section of the Bronx.  It is approximately 13,914 square feet of commercial space on a 125’ x 126.75’ irregular lot and provides 100 feet of frontage.  The property is built on a slope, which provides covered parking in the rear of the lot.  Fusion Fitness and New York Community Bank currently occupy the property with long term NNN leases. The asking price is $5,700,000 (8% Cap Rate).

For more information on this listing, contact Massey Knakal Director of Sales Nicholas Burns at 212.660.2500.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

12/04/2012 - 11:50

Source

Cushman & Wakefield Capital Markets Group New York

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