Marcus & Millichap is pleased to present for sale 186-16 -187-12 Union Turnp
Posted: November 13, 2024, 04:23 AM
Marcus & Millichap is pleased to present for sale 186-16 -187-12 Union Turnpike, a 29,407 SF, 100% occupied shopping center located in Fresh Meadows (Queens), New York. The offering consists of nine stores, and it is anchored by a brand new 11,907 SF NYC Department of Education Universal Pre-K center.
The property rests on a combined 34,200 SF lot with dedicated parking for 19 cars. The offering has 290 feet of retail frontage along Union Turnpike, the main retail corridor in Fresh Meadows, one of the most desirable residential neighborhoods in Queens. The site is surrounded by local retailers, and it benefits from outstanding Fresh Meadows demographics. The offering is comprised of two separate
tax lots.
The NYC Universal Pre-K center has a 10% increase every five years, with the first increase coming September 1, 2027. All other tenants have annual increases, and all tenants are responsible for a proportionate share of real estate taxes above their base years . This is the incredibly rare opportunity to acquire a fully occupied multi-tenant retail asset in one of Queens' top neighborhoods with just under 300 feet of contiguous retail frontage.
The property rests on a combined 34,200 SF lot with dedicated parking for 19 cars. The offering has 290 feet of retail frontage along Union Turnpike, the main retail corridor in Fresh Meadows, one of the most desirable residential neighborhoods in Queens. The site is surrounded by local retailers, and it benefits from outstanding Fresh Meadows demographics. The offering is comprised of two separate
tax lots.
The NYC Universal Pre-K center has a 10% increase every five years, with the first increase coming September 1, 2027. All other tenants have annual increases, and all tenants are responsible for a proportionate share of real estate taxes above their base years . This is the incredibly rare opportunity to acquire a fully occupied multi-tenant retail asset in one of Queens' top neighborhoods with just under 300 feet of contiguous retail frontage.
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