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Staten Island strip for sale.

As the retail revitalization of Staten Island's North Shore continues to take shape, a retail strip center at 1257-1267 Forest Avenue in the borough is on the market exclusively through Eastern Consolidated for $5.9 million.

Senior director Adelaide Polsinelli, along with associate director Carlos Olson, is spearheading the marketing efforts for the 25,860 s/f 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.
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Title Annotation:RETAIL
Publication:Real Estate Weekly
Date:Oct 23, 2013
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