Originally Published in Long Island Business News
Written by David Winzelberg
LI retail center sells for $6.1M
Local real estate investors have bought a 27,000-square-foot retail strip center in Hicksville for $6.1 million.
The fully occupied property on 1.5 acres at 350-382 West Old Country Road with 15 stores was purchased by a partnership of MC Hicksville Realty LLC and Maple Forest Realty LLC.
Adam Silber, principal of Hicksville-based Silber Investment Properties, represented the buyer and the Chicago-based seller, US Realty Group, in the sales transaction.
“This was one of the smoothest transactions I’ve had in my 30-plus-year career due to the kind nature of both the sellers and the purchasers,” Silber said via email. “This shopping center has been in the seller’s family for over 50 years. The purchasers saw value in the under-market rents being paid by the tenants due to the sellers being out-of-state.”
Bryan McCrossen of Donovan LLP represented the Sellers in connection with this transaction.