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Masson of SCG Retail brokers $2.5 million sale of 5,000 s/f property; Colantonio of Schuckman Realty reps seller
- November 4, 2019
- Deals, New York, Our Company, Our People, Retail Real Estate
Syosset, NY SCG Retail has completed the sale of a stand-alone building for $2.5 million. The 5,000 s/f building is located at 220 Jericho Tpke., a former MIDAS location.
According to the SCG Retail broker who represented the purchaser, Nick Masson, “This buyer is an IHOP franchisee, and he is very excited about this location because traffic flows seven days; it’s also very accessible for those living and working in the area.”
The building sits on a half-acre. The building has been vacant for about a year. The North Shore LIJ Syosset Hospital, Home Depot, as well as an industrial park and other local retail are all in the vicinity.
The new owners will be gutting the building and retro-fitting the existing shell. The plan is to open the new IHOP sometime mid 2020. This will be the franchisees’ 11th IHOP, with other locations in Long Island, Staten Island and New Jersey.
The seller was represented by Matt Colantonio of Schuckman Realty.
Original post appeared here.