Syosset retail property trades for $5.2M

A retail property in Syosset has sold for $5.2 million.

Kalra Property Group LLC, an affiliate of a local commercial real estate investor, purchased the 5,850-square-foot, multi-tenant building on .75 acres at 390 Jericho Turnpike.

The fully occupied property has three tenants, including Starbucks, Optimum and Kiddsmiles Pediatric Dentistry.

The sale price equates to a 6.33 percent cap rate.

Raj Whadwa and Mani Nagpal of Global Realty Services represented the buyer, while Jon Winzelberg and Tom Rettaliata of RIPCO Real Estate represented the seller, Syview LLC, an affiliate of Apple Bank, in the sales transaction.

“The sale price was driven by the asset’s location at a traffic light corner in a desirable market with high barriers to entry,” Winzelberg told LIBN. “Syosset is a market that retailers want to be in, so we highlighted the center’s prime location and history of stable tenancy to illustrate the strength of the site and future lease-up potential.”

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