NET LEASED BANK OF AMERICA PROPERTY SOLD
NET LEASED BANK OF AMERICA SOLD September 2017
Invest Commercial has completed the sale of a Bank of America anchored shopping center located at 285 – 291 Front Street, NY for $3,087,000. The 11,500 Sq. Ft. building is centrally located in the Village of Hempstead. There are 6 retail units in the shopping center. Bank of America has anchored the center since 1986 and is one of Long Island’s busiest bank branches. The other retail units consist of a Deli, Chinese Restaurant, Butcher, Dry Cleaners and a Spanish Restaurant. The shopping center was 100% occupied at the time of closing. “This particular property generated a lot of interest because of its attractive cap rate and minimal landlord responsibilities”, said Frank Caporrino, President of Invest Commercial. (The large parking lot and surrounding areas of the building are all the responsibility of the Hempstead Village, which eliminates almost all landlord management.) Frank J. Caporrino and Clem Cesare arranged the sale of the property on behalf of Invest Commercial.
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