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August 20, 2020 Comments Off on Net-Leased Supermarket Trades in Uniondale Views: 1224 Long Island, New York News, Tri-State Area New York

Net-Leased Supermarket Trades in Uniondale

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Marcus & Millichap arranged the sale and financing of a 60,896-square-foot ShopRite grocery store in Uniondale, NY, within Long Island’s Nassau County. 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 Manhattan office represented the seller.

Philadelphia-based Brad Nathanson of Marcus & Millichap’s Institutional Property Advisors division procured the buyer. Michael Helpern and Christopher Marks in Marcus & Millichap Capital Corporation’s Manhattan office arranged acquisition financing. John Krueger is 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,” said Nathanson.

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