RCBJ-Audible (Listen for free)
Stop & Stop retail center in Haverstraw sells for $26.5 million
JLL Capital Markets has brokered the $26.5 million sale of Samsondale Plaza, a 156,185 square foot retail center anchored by Stop & Shop in West Haverstraw’s Rockland County Village.
JLL has marketed the property on behalf of the seller, a joint venture between Mark Holdings LLC and Paragon Realty Group LLC. The buyer is a subsidiary of Northeast Capital Group.
The JLL Capital Markets team representing the seller was led by Jose Cruz, JB Bruno, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Austin Pierce, along with Andrew Scandalios.
Samsondale Plaza, anchored by Stop & Shop, is located at 45 South Route 9W. Other major tenants at the 91% leased center include the New York State Department of Motor Vehicles, Dollar Tree, Advance Auto, Sports Clips, Sally Beauty Supply and Mandee.
“Retail anchored in a well-located grocery store with an advantage in the rent roll continues to be in high demand today as investors look to increase their retail holdings,” Cruz said. “Samsondale offers excellent current performance with a stable tenant base and future appreciation.”
6-12 Hoover Avenue in Haverstraw sells for $6.25 million
RDM CSG Hoover LLC has sold its property at 6-12 Hoover Avenue in Haverstraw to Spring Valley-based Hoover Realty Holding LLC for $6,250,000. The commercial property, on 2.33 acres, includes a 29,000 square foot industrial building with 7,000 square feet of storage space, a loading dock and four doors with 20 foot ceiling access.
The property is accessible from Route 9W and Hoover Avenue. Closing was June 29.
Joel Gruber of the Rand Commercial/New City office represented the seller; the buyer, Elite ACQ, represented himself.
Nyack apartment complex sells for $4.1 million
A market-priced 19-unit multi-family apartment rental complex in Nyack at 26-28 Upper Depew Ave. has sold for $4.1 million. The unit cost was $216,000 for the 16,350 square foot property; the capitalization rate was 4.4%. Brokers for the sale were Michael Scrima and Thomas Gorman Jr. of Redwood Realty. The complex, built in 1975, was sold by the Frankel family, the original developers, to the Rabbani Group, both of Bergen County, NJ.
“There is a strong demand for quality rentals,” Scrima said. “Rents for these large apartments are probably 30-40% below market value.”
Scrima said the new owners plan to gradually renovate the apartments, but not to increase rental rates.
“As people move, they will renovate and increase rentals,” he added. “The buyers bought this as a long-term family asset. They plan to upgrade the units to Class A apartments over time.
Scrima and other brokers agree that multifamily properties are moving fast, with negotiations favoring sellers due to tight inventory and high demand. “It’s a seller’s market,” Scrima said. “Sellers demand fast due diligence periods and no mortgage contingencies. Buyers can have 60 days to get a mortgage, but they don’t have the luxury of dealing with contingencies. due diligence upfront and align funding.