Q2 2012 Long Island, New York Retail Property Sales Analysis

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Q2 2012 Long Island, New York Retail Property Sales Analysis


Single property retail investment sales were active in the second quarter of 2012. Reis reports six deals totaling $43.8 million. The mean sales price was $7.3 million. The mean cap rate was 8.1%, and the 12 month rolling cap rate was 8.2%. The mean price per-square-foot was $230. The largest sale of the quarter was of a free standing Kohl’s on Jericho Turnpike in Jericho. The 96,000-square-foot building sold for $27.3 million ($284 psf). The sale took place May 1st. The building was fully occupied at the time of the sale. The estimated going-in cap rate was 7.3%. The seller was Lucky Star Realty, the buyer was Acadia Realty Trust.