Center Moriches retail property fetches $4.4M

A retail property in Center Moriches has traded for $4.4 million. 

231 Wading River Road LLC, an entity registered to a Port Jefferson-based real estate investor, purchased the 2,975-square-foot building on 1.5 acres at 231 Wading River Road. The acquisition was part of a 1031 tax exchange. 

The Center Moriches property is net-leased to 7-Eleven, which operates a convenience store and gas station on the site. 

The sale price equates to a 5 percent cap rate. 

Jeff Dahlman of Select Real Equity Advisors represented the buyer, while Mark Walsh of Select Real Equity Advisors represented the seller, Donald Zucker Company, in the sales transaction.