by Beata Lorincz
Midwood Investment & Development has sold a 10,092-square-foot retail building in Bayside, Queens, to Hersel Sonobolian. Cushman & Wakefield represented the seller in the $13.5 million transaction.
Situated at 42-31 Bell Blvd., the property has a central location in the Bayside neighborhood. Located at the intersection of 43rd Avenue and Bell Boulevard, the asset is part of a significant retail corridor, including tenants like Chase, Flushing Bank and Bareburger.
The building is currently separated into three fully-leased units, with Bank of America being the anchor tenant. The bank takes up 5,376 square feet and has a lease through 2024. A dog daycare and a restaurant occupy the remaining two units, with leases through October 2019 and April 2024, respectively.
Potential for expansion
The property includes 20 parking spaces and features approximately 22,814-square-feet of air rights that could be used for commercial and residential expansion. The site offers easy access to the LIRR and multiple bus stops.
The Cushman & Wakefield team consisted of Vice Chairman James Nelson, Senior Managing Director Stephen Preuss and Senior Associate Carly Weinreb.
“42-31 Bell Blvd. presented the buyer with an exceptional opportunity to acquire a fully leased, zero-maintenance property,” said Nelson, in prepared remarks. “The property is located in a prime retail destination in Queens and offers the potential for significant expansion.”
Also in the borough, Cushman & Wakefield acted as exclusive advisor for the borrower in a $44 million financing deal for the upcoming Marriott Hotel in Queens.
Image via Google Street View