A retail strip center in Bay Shore has sold for $3.8 million.
Holbrook-based Freedom Income Properties purchased the 15,000-square-foot retail strip building on 2 acres at 1746-1766 Sunrise Highway.
The shopping strip, known as South Shore Plaza, is fully occupied by a mix of tenants including Caribbean Blue Aquatics, I Love Kickboxing, KTO Cuisine, Super Sudz and others. The sale price equates to a 6.7 percent cap rate.
Founded in 2015, Freedom Income Properties owns a mix of office, industrial and retail properties on Long Island.
Joe Graziano, a managing principal of Freedom Income Properties, served as in-house representative for the buyer, while Tara Wright and Eileen Familia of Howard Hanna|Coach Realtors represented the seller, Progressive Housing Corp., in the Bay Shore sales transaction.
“We saw this as a long-term asset in the Bay Shore community because of the recent influx of development of new multifamily properties and medical offices,” Graziano said.