NEW YORK, NY – May 17, 2017 – Ariel Property Advisors has been exclusively retained to sell 163-30 Cross Bay Boulevard in the Howard Beach neighborhood of Queens, a triple-net investment property leased to Walgreens until 2029. The asking price for the property is $17 million.
The property, which spans 9,767 square feet, is situated on one of the borough’s busiest retail thoroughfares. The current lease, which contains a corporate guarantee by Walgreens, expires in 12 years, allowing an investor to benefit from a secure, long-term income stream. Walgreens has sublet the premises and it is currently occupied by Key Food.
The current rent is $874,000 annually, with an increase of 12% scheduled for April 2019, and a subsequent hike of 12% slated for 2024.
Exclusive agents Jonathan Berman, Daniel Wechsler, and Jesse Greshin are representing the seller.
“This property offers an investor a quintessential retail asset,” said Jonathan Berman, Director at Ariel Property Advisors. “The building is perfect for a major retailer as it sits on one of the busiest commercial corridors in Queens.”
The property has recently undergone significant improvements to the interior as well as the facade and contains a drive-through, with 35 parking spaces. In the immediate vicinity, there is a strong presence of national, regional, and local retailers, including Santander Bank, TD Bank, GAP, Dunkin Donuts, Starbucks, and Rite Aid.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via firstname.lastname@example.org
Click on the titles below to browse through recent Ariel Property Advisors' press releases:
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.