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East Coast Acquisitions Purchases ShopRite-Anchored Retail Center In Poughkeepsie For $34M

Property Image
SOLD
$34,000,000
Travis Langer
Jeffrey Dunne
David Gavin

New York

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Retail120,499 SF
Sold 08/21/2024
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Property Image
SOLD

East Coast Acquisitions Purchases ShopRite-Anchored Retail Center In Poughkeepsie For $34M

3532 North Road

See Similar Deals
Retail120,499 SF
Sold 08/21/2024
Travis Langer
Jeffrey Dunne
David Gavin
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$282
Total Square Footage:120,499 SF
Transaction Type:Sale

The property involved in this transaction is a 120,499-square-foot retail asset located at 3532 North Road in Poughkeepsie, NY. The sale price for the property was $34 million, equating to a price per square foot of $282. The asset is anchored by ShopRite.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $34,000,000
  • Address: 3532 North Road
  • Market: Poughkeepsie
  • Square Footage: 120,499
  • Price Per Square Foot: $282
  • Buyer: East Coast Acquisitions
  • Seller: EFG/Saber Heritage SC, LLC
  • Brokers: David Gavin, Jeffrey Dunne & Travis Langer - CBRE

This transaction was facilitated by CBRE’s National Retail Partners, representing the interests of both parties in the sale of the Hudson Heritage center. The buyer is based in Tampa, while the seller is EFG/Saber Heritage SC, LLC.

Players

Travis Langer
CBRE
Travis Langer
52 deals$2.4B volume
BROKER
David Gavin
CBRE
David Gavin
45 deals$2B volume
BROKER
Jeffrey Dunne
CBRE
Jeffrey Dunne
86 deals$4B volume
BROKER

Details

SOLD
IMAGE: David Gavin, Jeffrey Dunne & Travis Langer DATE: 08/21/2024 ADDRESS: 3532 North Road MARKET: Poughkeepsie ASSET TYPE: Retail BUYER: East Coast Acquisitions SELLER: EFG/Saber Heritage SC, LLC BROKERS: David Gavin, Jeffrey Dunne & Travis Langer - CBRE (@CBRE) SALE PRICE: $34,000,000 SF: 120,499 ~ PPSF: $282 NOTE: CBRE’s National Retail Partners brokered the $34 million sale of Hudson Heritage, a 120,499-square-foot ShopRite-anchored center in Poughkeepsie, NY, to Tampa-based East Coast Acquisitions.

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

$1,813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15