News:
Long Island
Posted: April 7, 2020
Delisle of Island Associates negotiates $2.511m sale
Smithtown, NY Roger Delisle of Island Associates Real Estate Inc. negotiated and closed the purchase and sale of 306 US Highway 17-92 in Longwood, FL for $2.511 million. The site is ground leased to Starbucks Corp., and has been developed with a 2,275 s/f Starbucks with a drive-thru. The store opened for business in summer 2019. The Starbucks lease has a base term of 10 years plus options, and is a NNN ground lease.
The seller was WPG-LONGWOOD LLC, who was the developer of the site for Starbucks. The purchaser is a real estate owner and operator who owns properties throughout the East Coast, who purchased this property as a replacement property under a 1031 exchange.
The purchaser was represented by Island Associates and the seller was represented by Matthews Real Estate Investment Services.
Tags:
Long Island
MORE FROM Long Island
Suffolk County IDA supports expansion of A&Z Pharmaceuticals
Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has granted preliminary approval of a financial incentive package that will assist a manufacturer in expanding its business by manufacturing more prescription (Rx) pharmaceuticals in addition to its existing over-the-counter
.jpg)
Columns and Thought Leadership
The evolving relationship of environmental consultants and the lending community - by Chuck Merritt
When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.