Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 5050 Sunrise Highway, Park Plaza, a four-unit shopping center on Sunrise Highway in Massapequa Park, Long Island. The shopping center sits on approximately 31,200 square feet of land with ~260 feet of frontage on Sunrise Highway.
Park Plaza contains an approximately 9,750 square foot building of which 8,357 square feet is currently occupied. One unit is currently vacant, at about 1,393 square feet. The building is made of the highest quality construction, recently built in 2006. It has a fully-sprinklered fire alarm, includes HVAC units, Nicolock pavers, delivery gate, and separate utility meters. Parking is available on-site for up to 44 cars.
Currently tenancy consists of Busy Bee Jewelry, Liberty Travel, and PM Pediatrics. All tenants contribute to common area maintenance (CAM) and insurance. Busy Bee Jewelry occupies 2,350 square feet and is operating under a 15-year lease through 2031. Liberty Travel occupies 1,200 square feet and is operating under a seven-year lease through 2023 with (1) five-year option to renew. PM Pediatrics occupies 4,807 square feet and is operating under a ten-year lease through 2027 with (3) five-year options to renew.
Park Plaza is placed on a highly-frequented retail corridor of Sunrise Highway with an average daily traffic count of ~78,488 cars. It offers two ways of egress and ingress on Sunrise Highway, and is conveniently located across from the Massapequa Park LIRR train station. Park Plaza is surrounded by multiple shopping centers including Sunrise Promenade which includes NNN-credit tenants such as David’s Bridal, Babies R’ Us, GNC, Panera Bread, and Men’s Warehouse.
A full offering memorandum is available upon request.