Josh Goldflam, co-founder & principal of Manhattan based commercial real estate firm Highcap Group, has arranged the sale of 96 Dolson Avenue, Middletown, New York. The building is located in Orange County in Upstate New York, and recently sold for $8,700,000 in an all cash transaction. The seller was the Silvermintz Family, and the buyer was William Kukielka as part of a 1031 tax free exchange.
The property is situated on Dolson Avenue at a busy 4 way intersection right in downtown Middletown, completely surrounded by national and regional retailers. It is located under 5 miles from the Galleria at Crystal Run Shopping Mall, a 1.1 million square foot shopping center. The subject property sits on 1.14 acres and the single-story retail building consists of just under 15,000 square feet and solely occupied by Walgreens. The property was built to specification for Walgreens in 2007 and they hold a triple net lease for another 12+ years plus additional option periods.
The total sale price of $11,200,000 equates to $580 per existing square foot, and yielded a Capitalization Rate of 5.75%.