A retail property in Wantagh has sold for $5.275 million.
Bellmore-based MGD Investments purchased the 13,300-square-foot strip center on 1.15 acres at 3330-3348 Jerusalem Ave.
The five-store property is fully occupied and anchor tenant Kwong Ming restaurant, which occupies 5,300 square feet, has been operating here for more than 60 years.
The sale price equates to a 6.25 percent cap rate.
New owner MGD Investments plans a “total renovation” of the property to begin next year.
MGD was self-represented by its principal Larry Weinberger, while the seller, 635 Wantagh Realty, was also self-represented in the sales transaction.
“I am excited to work on this site as the merchants have been a part of the community for a very long time and have done well even though the property is sorely in need of updating,” Weinberger said. “It will be exciting to see the progress they can make as the site will be much more welcoming when renovated with attractive new curb appeal.”
Image and article originally from libn.com. Read the original article here.