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Deals & Dealmakers

Long Island investor sells $25M property portfolio

Long Island based investor Joel J. Gorjian has closed on the sale of portfolio of mixed use properties for “in excess of $25 million.”

The sold assets total over 500,000 s/f and included eight retail and mixed-use properties located in the Midwest, Southeast, and Northeast.

The transaction included the sale of the 489 Atlantic Avenue, a 2,335 s/f vacant, street-level retail condominium within a five-story, mixed-use building with a residential component (pictured top).

JOEL J. GORJIAN

The asset is located two blocks from the Atlantic Terminal transportation hub and Barclays Center, the home of the NBA’s Brooklyn Nets.

Maurice Suede, director at Cushman & Wakefield, brokered the sale of 489 Atlantic Avenue. The buyer is a physician planning to open his practice in the space.

The rest of the portfolio included: the Saint Clairsville Plaza shopping center in Saint Clairsville, Ohio; the Bradley Square mixed-use office and medical services property in Milwaukee, WI; the Cabool Center neighborhood retail center in Cabool, Missouri; the single-tenant Dunkin Donuts building in Gary, Indiana; the Lafayette Center shopping mall in Indianapolis, Indiana; the single-tenant Family Dollar property in Danville, Virginia; and the Oglethorpe Plaza shopping center in Albany, Georgia.

Gorjian established Gorjian Acquisitions in 2012. The privately held commercial real estate investment and management firm is headquartered in Great Neck, NY and holds ownership interest in 75 properties nationwide, including shopping centers, mixed-use buildings, medical facilities, multi-family properties, and office buildings.

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