Long Island CVS Sells for More Than $9M to Private Investor

NEW YORK—Newmark Grubb Knight Frank (NGKF) has arranged the $9.01 million sale of a triple-net leased CVS retail store located at 55 Cold Spring Road in Syosset on Long Island, representing both the buyer and the seller in the transaction.

The trade of the CVS was made at a 5.6 percent capitalization rate.

Scott W. Berfas, managing director, led the NGKF team on behalf of the seller, King Kullen Grocery Co. Inc. Berfas was joined by NGKF Managing Director Daniel Oliver and Associate Jordan Oliver, as well as King Kullen Grocery Co. Inc.’s Director of Real Estate James A. Johnston.

Kenneth L. Zakin, a senior managing director with NGKF’s Capital Group, represented the purchaser, a private investor. Zakin was joined by NGKF Associate Director Randall Liberman in representing the purchaser.

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