Commack-based Cosentino Companies has purchased its first retail property in North Carolina.
The company purchased a 6,150-square-foot retail building on 1.21 acres at 202 E. Dixon Blvd. in Shelby, N.C. for $2.25 million.
The property is net-leased to Mattress Firm, which signed a 10-year lease in June. The sale price equates to a 6 percent cap rate.
Cosentino Companies owns about 1.2 million square feet of mostly retail properties on Long Island, including the sprawling Commack South Shopping Center, which has Costco, Floor & Décor, Marshall’s, Home Goods and HomeSense among its tenant roster.
“We are interested in expanding our portfolio in areas like the Southeast because of its growing population,” said Christine Cosentino, CFO at Cosentino Companies. “We saw this property as a good investment opportunity.”
Stefanie Cosentino of Cosentino Realty represented the buyer, while Sam Young and David Hoppe of Atlantic Capital Partners represented the seller, MPG Shelby LLC, in the sales transaction.