William Khouzam, Kevin Waters, & Eric Hu Of Wells Fargo Real Estate Asset Management Acquires Retail Property At 1125 Bay Street Staten Island For $10.5M

This is a 15,570 SF multi-tenant retail property located at 1125 Bay Street in Staten Island. The sale price was $10,500,000, resulting in a price per square foot of $674. The property is anchored by a CVS drug store that occupies 10,125 SF, with a recently committed brand-new 15-year NNN lease. Additionally, there is a three-tenant retail strip anchored by Dunkin', situated on 53K SF of land, which includes parking for 70 cars.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $10,500,000
• Buyer: William Khouzam, Kevin Waters & Eric Hu - Wells Fargo Real Estate Asset Management
• Seller: Matt Rettner
• Broker: Scott Plasky - Marcus & Millichap
• Square Footage: 15,570
• Price per Square Foot: $674
• Lease Terms: 15-year NNN lease with CVS
• Land Size: 53K SF
• Parking Spaces: 70

Scott Plasky, representing Marcus & Millichap, facilitated the transaction between the buyer and seller, highlighting the retail asset's strong tenant profile and lease commitment. The CVS store is noted for being one of the highest performing locations in the country, contributing to the property's overall value and investment appeal.