The 7-Eleven shopping center at the corner of East Main Street and Bay Avenue in Patchogue has been sold for $7 million, according to an announcement from Five Point Real Estate, located in Melville.
The 8,000-square-foot shopping center sits on 1.27 acres at 270 East Main street, and is net leased to Checker’s, 7-Eleven and Bethpage Federal Credit Union. A net lease requires tenants to pay property taxes, insurance and maintenance. The center has 55 parking spaces.
The property was sold by 270 Main St. LLC to Giannone Spirito Plaza LLC.
“The purchaser of this Patchogue retail center bought this property as an investment because of its extreme confidence in the strength of the tenants,” said Five Point Real Estate co-managing partner Corey Gluckstal, who along with co-managing partner Guy Canzoneri represented both the seller and buyer.
The center’s tenants provided long-term, corporate lease guarantees, providing the buyer with the opportunity for long-term cash flow, Gluckstal said.
The leases provide for rent increases every five years and have renewal options.
“The recent improvements on Main Street in Patchogue, including the opening of new restaurants and the completion of New Village at Patchogue — a large multi-family development, gave the property additional appeal to the purchaser,” said Canzoneri.
The property had been on the market for a year.