Kimco Realty Acquires Retail Portfolio In Long Island For $375.8M
2-50 Great Neck Road
$375,800,000
$663/SF
Building Size
566,500 SF
Asset Type
Retail
Closing
Nov 11, 2022
About this deal
AI
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
Great Neck Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93