Adelaide Polsinelli, Laurence Ross and Ellen Volpe of The Platinum Team announced the sale of a shopping strip center occupied by a double net leased Walgreens in Deer Park, Long Island

Real Estate Weekly, Sept 12, 2007

Adelaide Polsinelli, Laurence Ross and Ellen Volpe of The Platinum Team announced the sale of a shopping strip center occupied by a double net leased Walgreens in Deer Park, Long Island. The property sold for the asking price of $6,450,000 and had a capitalization rate of 6.2%. This translated into a price of $460 per square foot.

The Platinum Team procured a local buyer with a 1031 exchange and negotiated a deal with the seller's representatives Bruce Harris and Jeffrey Verchow, from Marcus and Millichap. The attorneys who handled the transaction were Arnold Mandell from Mandell & Mandell, and Lawrence Simon from Morrison & Cohen.