2300 Jericho Tpke
New Hyde Park, NY 11040

Marcus & Millichap is pleased to present for sale 2300-2310 Jericho Turnpike, a two-tenant retail center, located in Garden City Park (Long Island), New York. The property is 100 percent occupied and is comprised of two separate, single-tenant, freestanding buildings tenanted by Petco and Staples. The property consists of a 17,255-square foot freestanding Staples building, and a 14,046-square foot freestanding Petco building with a 9,347-square foot basement. The buildings are situated on a 2.35-acre lot with approximately 105 surface parking spaces. Staples has two years remaining on its lease; however this will provide the new owner with major upside, as the rent is well below market rent. The tenant also has two, five-year renewal options with 10 percent rent increases during each option period. Petco has over four years remaining. The tenant also has two, five-year renewal options with increases of seven to eight percent at the beginning of each option period. Both tenants cover all expenses, however, Landlord is responsible for the roof and structure of the Petco building; Staples is on a ground lease and owns the improvements (building) through expiration, making the tenant responsible for the roof and structure of their building. Upon expiration of the Staples lease, the right to the improvements will revert back to the Landlord. The subject is positioned along Jericho Turnpike, which in 2014 had an average traffic count of 32,400 vehicles per day. In addition, there is a population of over 582,000 people living within a five-mile radius of the property and an average household income of over $123,000. Major national tenants in close proximity include: Chase Bank, Chipotle Mexican Grill, CVS/Pharmacy, Five Guys Burgers and Fries, LA Fitness, Panera Bread, TD Bank, The Vitamin Shoppe, Walgreens, Wells Fargo Bank, and many others. The property is situated near three high schools, two golf clubs, including the Garden City Country Club. Garden City is home to Adelphi University, (a private institution with 11,000 enrolled students in 2014) and the two million-square foot Roosevelt Field Mall Shopping Center. Garden City’s established affluence, density, and the property’s prime location make the subject property a strong investment opportunity. Garden City is accessible via two commuter rail lines from Pennsylvania Station in New York City, Interstate 495 (Long Island Expressway), and the Southern State Parkway.