Queens, New York— December 2017 — Albert Aranbaev of Asset Commercial Realty Group (“AssetCRG”) is proud to present the completion of a 1031 exchange for one of its clients. Albert Aranbaev, Managing Principal of AssetCRG, represented the purchaser, to complete the final, purchase leg, of a 1031 transaction. The Seller was represented by Mathew Kucker of Colliers International. The property is a mixed-use (office and retail) investment located in an affluent community of Jamaica Estates / Fresh Meadows. The property is situated on an intersection of Union Turnpike and Chevy Chase Street. The total leasable area of the building is approximately 12,500 SQFT. The purchase price was $5,700,000 at a 5.25% CAP or $456 PSF. The property is surrounded by numerous national tenants and multiple shopping centers. “Similar to prior ownership, this property will be a long-term hold for the current buyer. We presented an excellent 1031 opportunity to the buyer and were able to achieve the exchange within a matter of two months and literally closed on both simultaneously,” says Aranbaev. “Given the strong location in this high-income neighborhood, the value of this property will only increase.
”About Asset Commercial Realty Group, LLC.
Asset Commercial Realty Group LLC (“AssetCRG”) is a Queens, New York based boutique real estate brokerage company focusing on delivering exceptional value to its clients. AssetCRG’s team currently manages over 2 million square feet of retail assets and the team has closed on an aggregate value of over $130 million worth of deals thus far in 2018. AssetCRG’s leasing team is currently representing over 500,000 square feet of retail and office space in the metro New York area. For more information please visit us at www.assetcrg.com and email at info@34.82.249.66.
