Northmarq’s Atlanta Office Arranges $7.6 Million Sale of New York Chick-fil-A Reflecting a 3.68 Percent Cap


Northmarq investment sales brokers Maggie Holmes, Senior Vice President, and Mike Sladich, Managing Director completed the sale of a freestanding retail property located at East Jericho Turnpike in Huntington, New York. The property totals 4,996 square feet and is leased to Chick-fil-A, one of the largest American fast food restaurant chains. Holmes represented the seller, a shopping center owner and developer based in Elmsford, New York. A New York-based private family office in a 1031 exchange acquired the asset for $7.6 million reflecting a 3.68 percent cap rate

“While we’ve certainly seen a shift in cap rates across the country this quarter, this sale represents the fact that private investors are still willing to pay a premium for best-in-class tenants in high barrier-to-entry markets.” said Holmes. “With nearly 2.5 acres of prime real estate on Long Island and a 20-year lease, this property will be a generational asset that can justify a cap rate below the 10-year treasury due to the long-term viability and appreciation of the real estate.” 

The build-to-suit property is brand new with a double lane drive-thru and is situated on 2.47 acres. Approximately 40 miles east of Manhattan, the town of Huntington is a major source of employment for the New York metropolitan area. The property is ideally positioned as an outparcel to Target and just one mile east of the Walt Whitman Shops, a super-regional shopping center with over 100 stores, including Bloomingdale’s, Macy’s and Saks Fifth Avenue. Other neighboring retailers include CVS Pharmacy, Best Buy, Rite Aid and more.  

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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. To learn more about Northmarq, please visit: