A supermarket property in Uniondale that’s leased to ShopRite has sold for $24.75 million.
Exchange Right Real Estate LLC, a Pasadena, Calif.-based real estate investment firm, purchased the 61,916-square-foot building on 4.48 acres in the Uniondale Shopping Center at 1121 Jerusalem Ave.
The ShopRite is located next to a 110,000-square-foot Walmart store. The supermarket has nine years remaining on its lease with two subsequent five-year options. The annual net operating income is currently $1.252 million.
The seller, Red Bank, N.J.-based First National Realty Partners, had purchased the supermarket property in August 2020 for $19.5 million.
“We are pleased with our execution on this deal and the return that it has provided to our investors in such a short amount of time,” Matt Annibale, senior director of acquisitions for First National, said in a company statement. “We had the benefit of working with a high-quality buyer that we recently transacted with on another deal. The sale underscores the ongoing resilience of the grocery-anchored retail niche and the institutional demand for these assets.”
Aaron Bush of JRW Realty represented the buyer, while Prodigy Real Estate Group represented the seller in the Uniondale sales transaction.
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