NEW YORK CITY– Attention, retail investors – get ready to put your ‘roots’ down on Forest Avenue.
As the retail revitalization of Staten Island’s North Shore continues to take shape, a prime retail strip center at 1257-1267 Forest Avenue in the borough is on the market exclusively through Eastern Consolidated for $5.9 million.
Eastern Consolidated’s Senior Director Adelaide Polsinelli, along with Associate Director Carlos Olson, are spearheading the marketing efforts for the 25,860-square-foot retail building, which includes 12 retail spaces and a 41-car parking lot. The retail spaces are currently 100% leased to tenants including 7-Eleven, Papa John’s Pizza, Payless Uniforms and several independent neighborhood retailers like CKO Kickboxing.
According to Polsinelli, more than 50% of the leases expire in less than three years, offering a buyer “inherent potential” for rental upsides and repositioning. The property is being offered at a 7.5% CAP rate with rents currently averaging at $24 per square foot.
“Forest Avenue is one of the busiest and most active retail thoroughfares in Staten Island,” Polsinelli said. “With exciting new developments like Empire Outlets, the New York Wheel and Light House Point coming to the area, the demand for retail here is only going to get stronger than ever before.”
The property – located on the corner of Jewett Avenue - is situated in close proximity to two major highways, including Route 440 and the Staten Island Expressway (I-278), as well as several other crucial commercial corridors such as Victory Boulevard and Castleton Avenue. Nearby attractions include the Staten Island Zoo, the Snug Harbor Cultural Center & Botanical Garden, Silver Lake Golf Course, the Staten Island Yankees, the Staten Island September 11th Memorial and the North Shore Waterfront Esplanade.
The Forest Avenue retail corridor is home to several national retailers, including Pathmark Sleepy’s, Michael’s, TJMaxx, Walgreens and CVS Pharmacy.
For more information about acquiring the property, please contact Eastern Consolidated’s Midtown offices at 212-499-7700.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.