New Hyde Park retail center trades for $12.825M

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A shopping center in New Hyde Park has sold for $12.825 million. 

NHP 2079 LLC, an affiliate of a Long Island-based commercial real estate investment group, purchased the 20,755-square-foot center on 1.54 acres at 2079-2095 Hillside Ave. 

Known as New Hyde Park Plaza, the center is 84 percent occupied with a tenant roster that includes Lakeshore Learning Center, H&R Block, Supercuts, Bagels & A Hole Lot More, Previti Papazzio restaurant, and Pink Nail & Spa. 

The sale price equates to a projected cap rate of 6 percent. 

The seller, Jericho-based Sanders Equities, sold the New Hyde Park property as part of a 1031 exchange. Late last year, the company acquired a two-building industrial portfolio in Savannah, Ga. for about $33 million.   

“This was a good opportunity at the right time to sell and expand our footprint in the Southeast market, specifically the Savannah industrial portfolio acquisition,” said Jordan Sanders, president of Sanders Equities. 

Adam Bass and Eric Gillman of CBRE represented the buyer, while the seller, Sanders Equities, was self-represented in the New Hyde Park sales transaction.