March 20, 2024 – Steven Schiavello and Patrick Gray of Horvath & Tremblay have successfully completed the sale of a dark Walgreens in Queens, New York. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete this transaction at a sale price of $7,500,000.
Walgreens is located at 17506 Hillside Avenue in Queens, New York. Walgreens has been at the Property since 2010 and has 7+ years remaining on their lease. The location is currently Dark and Walgreens continues to pay rent. The ground lease calls for a 10% rent increase in 2025. The Property consists of an 8,000 square foot single tenant building on a 0.52-acre corner parcel at the signalized intersection of Hillside Avenue (NY Route 25) and 175th Street. Walgreens benefits from outstanding visibility and access in Jamaica, a densely populated neighborhood in the heart of Queens. The Property is just 1,000 feet from the 179th Street Subway Station with service on the E and F Trains (Blue Line and Orange Line), and 1-mile from Jamaica Center Station (E, J & Z Trains), and 1.25-miles from Hollis Station with service along the LIRR. The Property is also located 1-mile from St. John’s University’s primary campus which is home to approximately 21,000 students and an additional 1,400 faculty and staff members. The Property is also 1-mile from York College, part of the City University of New York (CUNY) system and is home to more than 8,000 students.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.