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Kimco Realty Acquires Retail Portfolio In Long Island For $375.8M

Property Image
SOLD
$375,800,000
Austin Pierce
James "Jim" Galbally
+ 6

New York

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Retail566,500 SF
Sold 11/11/2022
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Property Image
SOLD

Kimco Realty Acquires Retail Portfolio In Long Island For $375.8M

2-50 Great Neck Road

See Similar Deals
Retail566,500 SF
Sold 11/11/2022
Austin Pierce
James "Jim" Galbally
+ 6
Contact now

Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$663
Total Square Footage:566,500 SF
Transaction Type:Sale

The retail property located at 2-50 Great Neck Rd, 8063, 8101 & 8285 Jericho Turnpike, 4900-4966 Merrick Rd, 90 Northern Blvd, 1-5 Glen Cove Road, 420-460 Montauk Highway & 103-129 Jackson Avenue in Long Island has been sold in a recent transaction. The property has a total square footage of 566,500 and was sold for a total price of $375,800,000, resulting in a price per square foot of $663. The buyer of the property was Kimco Realty, while the seller was Kabro Associates.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $375,800,000
  • Address: 2-50 Great Neck Rd, 8063, 8101 & 8285 Jericho Turnpike, 4900-4966 Merrick Rd, 90 Northern Blvd, 1-5 Glen Cove Road, 420-460 Montauk Highway & 103-129 Jackson Avenue
  • Market: Long Island

The deal was facilitated by brokers from JLL, including Jose Cruz, Christopher Munley, Andrew Scandalios, James Galbally, Steve Simonelli, Colin Behr, J.B. Bruno, Patrick Higgins, and Austin Pierce.

Players

Andrew Scandalios
68 deals$12B volume(212) 632-1821
BROKER

JB Bruno
JLL
21 deals$1.6B volume(908) 447-0021
BROKER

Jose Cruz
JLL
102 deals$7.9B volume(201) 240-7546
BROKER

Steve Simonelli
JLL
64 deals$4.9B volume
BROKER

Christopher "Chris" Munley
JLL
18 deals$1.5B volume
BROKER

James "Jim" Galbally
JLL
26 deals$2B volume
BROKER

Colin Behr
CBRE
23 deals$1.5B volume(215) 896-4253
BROKER

Austin Pierce
JLL
17 deals$1.8B volume
BROKER

Patrick Higgins
JLL
7 deals$539.4M volume(312) 782-5800
BROKER

Kimco Realty
BUYER

Details

SOLD
IMAGE: Jose Cruz, Christopher Munley, Andrew Scandalios, James Galbally, Steve Simonelli, Colin Behr, J.B. Bruno, Patrick Higgins & Austin Pierce DATE: 11/11/2022 ADDRESS: 2-50 Great Neck Rd, 8063, 8101 & 8285 Jericho Turnpike, 4900-4966 Merrick Rd, 90 Northern Blvd, 1-5 Glen Cove Road, 420-460 Montauk Highway & 103-129 Jackson Avenue MARKET: Long Island ASSET TYPE: Retail BUYER: Kimco Realty SELLER: Kabro Associates BROKERS: Jose Cruz, Christopher Munley, Andrew Scandalios, James Galbally, Steve Simonelli, Colin Behr, J.B. Bruno, Patrick Higgins & Austin Pierce - JLL SALE PRICE: $375,800,000 SF: 566,500 ~ PPSF: $663

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$20,042,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,335,138.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,781,483.72
Annual Debt Service$21,377,804.69