AssetCRG Brokers Lease Of Development Site With Children Of America & Arby's In Freeport NY

The property involved in the transaction is a development site located at 360-370 Atlantic Ave, Freeport NY. The asset consists of a total of 10,000 square feet, with 3,000 square feet on the ground floor and 7,000 square feet on the second floor. It is leased by Children of America, a childcare center, and Arby's (Franchisee). The lease is a NNN lease, with Children of America paying a base rent of $31.50 per square foot and Arby's paying a base rent of $50 per square foot with NNN charges.

Summary of transaction details:

• Property Type: Development Site
• Transaction Date: 09/15/2018
• Tenants: Children of America & Arby's (Franchisee)
• Landlord: Dave Lerner
• Landlord's Broker: Michelle Abramov & Albert Aranbaev of AssetCRG
• Tenant's Broker: Joe Mast of AssetCRG (Arby's)
• Lease Term: 15 Years with options
• Additional available space: 4,800 square feet at the corner

AssetCRG exclusively represented the landlord, Dave Lerner, and procured the tenant for this development site. The introduction of two national tenants, Children of America and Arby's, has created significant value for the property.