As the retail revitalization of Staten Island’s North Shore continues to take shape, a retail strip center at 1257-1267 Forest Avenue in the borough is on the market exclusively through Eastern Consolidated for $5.9 million.
Senior director Adelaide Polsinelli, along with associate director Carlos Olson, is spearheading the marketing efforts for the 25,860 s/f retail building, which includes 12 retail spaces and a 41-car parking lot. The retail spaces are currently 100% leased to tenants including 7-Eleven, Papa John’s Pizza, Payless Uniforms and several independent neighborhood retailers like CKO Kickboxing.
According to Polsinelli, more than 50% of the leases expire in less than three years, offering a buyer “inherent potential” for rental upsides and repositioning.
The property is being offered at a 7.5% CAP rate with rents currently averaging at $24 per square foot.
“Forest Avenue is one of the busiest and most active retail thoroughfares in Staten Island,” Polsinelli said.
