Diaz Family Acquires Retail Property From Nassimi Realty In East Meadow For $8M | 2575 Hempstead Turnpike | Joegy Raju, Daniel Abbondandolo | Retail | Sale

Summary

Sale

NEW YORK

Retail

30,725 sqft

The property involved in this transaction is East Meadow Commons located at 2575 Hempstead Turnpike in East Meadow. This retail asset comprises a 30,725-square-foot building with four retail units on a 2.18-acre lot. The property offers 140 parking spaces and is home to anchor tenants Texas Roadhouse and Dollar Tree, as well as Phenix Salon Suites and L&Z Nail Salon. The sale price for this property was $8,000,000, equating to $260 per square foot.

Summary of transaction details:

Property Type: Retail
Transaction Amount: $8,000,000
Market: East Meadow
Buyer: Diaz Family
Seller: Nassimi Realty
Brokers: Daniel Abbondandolo & Joegy Raju - Cushman & Wakefield

The deal was facilitated by Daniel Abbondandolo and Joegy Raju from Cushman & Wakefield. The negotiation process faced challenges as a former tenant, NEFCU, approached the Landlord to subdivide the lot, resulting in complexities involving real estate taxes, CAM, cross-easements, and delays in recording new tax lots. Despite these obstacles, the Long Island Investment Sales Team remained steadfast in their marketing efforts and communication strategy, ultimately achieving a successful transaction.

Players

All
3

Agents
2
Agencies
1

$153.3M Sold

$330.5M Sold

Details

Deal Summary

SOLD

IMAGE: Daniel Abbondandolo, Mike Nassimi & Joegy Raju DATE: 04/09/2024 ADDRESS: 2575 Hempstead Turnpike MARKET: East Meadow ASSET TYPE: Retail BUYER: Diaz Family SELLER: Nassimi Realty (@NassimiRealty) BROKERS: Daniel Abbondandolo (@LongIslandInvestmentSales) & Joegy Raju (@Jogity103) - Cushman & Wakefield (@CushWake) SALE PRICE: $8,000,000 SF: 30,725 ~ PPSF: $260 NOTE FROM BROKER: Cushman & Wakefield’s Long Island Investment Sales Team is pleased to announce the sale of East Meadow Commons, 2575 Hempstead Turnpike, East Meadow. The shopping center achieved a sale price of $8,000,000 ($260 / SF), reflecting a 6.54% cap rate based on in-place income. East Meadow Commons is comprised of a 30,725-square-foot building with four (4) retail units, situated on a 2.18-acre lot offering 140 parking spaces. The tenant mix includes corporate-guaranteed anchor tenants Texas Roadhouse & Dollar Tree, along with Phenix Salon Suites & L&Z Nail Salon. Strategically positioned on the north side of the bustling Hempstead Turnpike (NY-24), East Meadow Commons enjoys exceptional visibility and accessibility, nestled between the Wantagh State Parkway and Newbridge Road (NY-106). Transaction Note: As all transactions have their hurdles, East Meadow Commons was chock full! NEFCU, who was a former tenant of the center approached the Landlord to subdivide the lot – creating a complicated breakdown of real estate taxes, CAM, cross-easements and major lag time to formally record the new tax lots. We were confident our persistent marketing campaign and clear messaging would result in a successful transaction for our client. For further details about this transaction, reach out to the exclusive brokers below: Dan Abbondandolo | Executive Director P: 516-375-6336 E: [email protected] Joegy Raju | Director P: 631-425-1216 E: [email protected]

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Address2575 Hempstead Turnpike

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