Retail Property in Lake Ronkonkoma Sold for $4.7M
A retail property in Lake Ronkonkoma has been acquired for $4.7 million, highlighting ongoing investment in commercial real estate. The transaction involves a 5,433-square-foot convenience store and gas station leased to Cumberland Farms until 2037, reflecting a growing trend in stable investments.
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Advance Properties LLC has purchased a retail property in Lake Ronkonkoma for $4.7 million. The 5,433-square-foot convenience store and six-pump gas station, situated on 1.41 acres at 316 Smithtown Blvd, is leased to Cumberland Farms until September 2037, with options to extend the lease.
The annual rent of $250,000 will increase by 10 percent at the lease's end and with each extension option. Frank Caporrino represented the buyer, while Michael Murphy represented the seller, Swaine Inc. This sale indicates a robust market for commercial properties with long-term leases.
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