JLL closes sale of Long Island retail property
The net-leased building is home to Party City
PHILADELPHIA, October 14, 2019 – JLL announced today that it has closed the sale of a single-tenant retail building leased to Party City in Oceanside, New York.
JLL marketed the property on behalf of the seller. Consolidated-Tomoka Land Co. purchased the asset.
Party City, the leading provider of party goods and Halloween specialty items, is the largest party goods retailer in North America. It has operated at this location for 20 years and, during that time, expanded the premises, committed recently to a long-term lease extension and is the only Party City store within five miles of the property. Situated on 1.25 acres at 3098 Long Beach Road, the building is on a corner location in Oceanside, one of the densest suburbs on Long Island. More than 153,400 residents earning an average annual household income of nearly $100,000 live within three miles of the property.
The JLL Capital Markets team representing the seller was led by Managing Directors Marc Mandel and Rob Rizzi, Director Steve Schrenk and Senior Managing Director Jose Cruz.
“There are historically very few single-tenant trades on Long Island annually, and, when there is an opportunity, the property attracts numerous investors given the strength of the local market,” Mandel said. “This Party City was no different since there was interest from an array of investors, including private high-net-worth buyers, institutional groups and public REITs. The seller chose to work with a proven buyer who executed on a quick timeframe for the transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income investments in diversified markets in the United States including approximately 2.3 million square feet of income properties, as well as approximately 5,300 acres of land in the Daytona Beach area. Visit ctlc.com to learn more.