LONG ISLAND, NY – June 3, 2017 – ONE Commercial has been retained on an exclusive basis for the sale of 861 Montauk Highway in Shirley. The subject property is a free standing retail building built in 2010 and is fully occupied by Walgreens under a triple net lease. The owners are seeking proposals.
The tenant is responsible for paying operating expenses including taxes, ground lease, utilities, repairs, and maintenance. The property contains a surface parking lot consisting of 46 parking spaces. The land parcel consists of six contiguous tax parcels, 5 of which are under a 99 year ground lease expiring in 2108 and lot 25.4 being the fee owner. Walgreens is currently under a 25 year lease ending in August 2035 and has 50 1-year options to extend the lease potentially to August 2085. Access to the property includes Montauk Highway, William Floyd Parkway, and Sunrise Highway as well as access to the Long Island Rail Road Station approximately 400 yards south of the subject.
Several neighboring retail uses include nationally recognized brands such as Staples, Applebee’s, AT&T, Boston Market, Chase Bank, and several fast food restaurants. Many more major brands are located within the proximity such as Kohl’s and Marshall’s providing the area with significant consumer demand. The residential areas consist of a well established community bringing in steady consumer traffic to the subject area.
For more information regarding this property contact David Chase at 212-596-7577.
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