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2044 Montauk Highway

Conor C. Flynn Of Kimco Realty Corp Leases 2044 Montauk Highway To Target In Bridgehampton
LEASEDRetail

Conor C. Flynn Of Kimco Realty Corp Leases 2044 Montauk Highway To Target In Bridgehampton

2044 Montauk Highway

Building Size

Asset Type

Retail

Closing

Nov 18, 2024

AI

The property asset involved in the transaction is a retail space located at 2044 Montauk Highway in Bridgehampton. The total square footage of the asset is 89,835. It is situated in a market that is conducive to retail operations.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not disclosed
  • Landlord: Conor C. Flynn - Kimco Realty Corp
  • Tenant: Brian Cornell - Target
  • Broker: Jeffrey Howard - RIPCO
  • Opening Year: 2026
  • Previous Tenant: Site of the last full-sized Kmart in the continental U.S.
  • Other Tenants: Gap, TJMaxx, Ulta Beauty

Key participants in the deal include Conor C. Flynn representing Kimco Realty Corp as the landlord and Brian Cornell representing Target as the tenant. Jeffrey Howard acted as the broker for the transaction, facilitating the lease agreement for the retail space at Bridgehampton Commons.

Players

Jeffrey Howard

Ripco

Broker

3 deals

Broker

Bridgehampton Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93