Single Tenant ShopRite

1121 Jerusalem Ave
Uniondale, NY 11553

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  • Purchase Price
    $19,500,000
  • Sale Price
    $24,750,000
  • Hold Period
    2 Years
  • Net IRR
    23.7%1
  • Ending Occupancy
    100%

Property Overview

Acquired in August 2020, ShopRite is a 60,896 SF single-tenant, freestanding grocer located in the Long Island suburb of Uniondale, NY. Positioned strategically to benefit from the area’s immense population, ShopRite is a local favorite for essential needs shopping center that also draws traffic from across the area. Our team immediately saw the value of this center and its strategic location. We also recognized it as a major risk-averse property investors were really looking for at a time of increasing volatility. 

Working with the tenant to implement multiple value-add initiatives, we also benefited from contractural rent increases, which were low relative to ShopRite’s strong sales. All of this raised the value of this exceptional center to attract an unsolicited buyer to approach us about the property.  Our team was able to successfully sell ShopRite at the market rate for $24,750,000, over $5M more than when we purchased ShopRite below market value. 

Be sure to learn more about this deal in our ShopRite case study. 

Gallery

Property Highlights

  • Anticipating investor concerns during COVID-19 uncertainties, we purposefully targeted this single necessity-based tenant to provide investors with a more risk-averse option.
  • We anticipated steady returns and a long hold period of around 7-10 years but ended up disposing of the property for significant returns after only two years.
  • Due to ShopRite’s performance and increased demand for single-tenant triple net lease properties during post-COVID market recovery, we were able to exit early through a sale.
  • Our team identified this individual site as an exceptional performer drawing strong traffic numbers from a large population of about 232,700 within a 3-mile radius alone. Additionally, average household incomes were over $125K within a 5-mile radius of the property.
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Joseph Palermo
Joseph Palermo
+1 (732) 607-5491

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  1. Net IRR (Internal Rate of Return) is defined as the average annualized, compound rate of return using equity contributions and distributions as they occurred on specific dates during the investment period reflective of all fees charged and paid to First National Realty Partners, LLC and its affiliates and subsidiaries. Securities are only available to verified accredited investors who can bear the loss of their investment. Please contact FNRP for an explanation of how such numbers are calculated.
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