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Sayville, N.Y. — SRS Real Estate Partners has negotiated the $20.8 million ground lease sale of a single-tenant retail property located in the Sayville neighborhood of Long Island. Target occupies the 145,000-square-foot property on an absolute triple-net, corporate-guaranteed lease with 14 years remaining. Situated across from The Shops at SunVet Mall, the Target store was built in 2014 on roughly 12 acres.
Calvin Short of SRS Capital Markets and Jeff Christian of First Street represented the seller, a California-based private investor who had owned the asset for more than 20 years. Tyler Leeson and Peter Deltondo of Marcus & Millichap represented the buyer, another California-based private owner.