Joel J. Gorjian of Gorjian Acquisitions purchases 529 Lake Ave. mixed-use property in St. James, NY
St. James, NY — Joel J. Gorjian, a 24-year old national real estate investor and president & CEO of Great Neck, NY-based Gorjian Acquisitions, has completed the purchase of the 529 Lake Ave. mixed-use retail and residential property. The seller was a private investor. The value of the transaction was in excess of $700,000.To date this year, Joel J. Gorjian has structured and executed 14 acquisitions across the United States, valued in excess of $100 million, for both Gorjian Acquisitions and Namdar Realty Group.
“The 5,050 s/f., two-story 529 Lake Avenue building benefits from its location on the busy retail and business corridor within an affluent hamlet of St. James on Long Island. The building houses three retail spaces on the ground floor and two apartments on the second floor. We are focusing on adding value to the property through targeted leasing outreach,” said Gorjian. “We are currently pursuing additional acquisition opportunities, both on Long Island and nationally,” he added.
The highly-visible, 8,750 s/f site is situated across the street from a public elementary school and features a rear parking lot. The retail spaces range in size from 1,000 s/f to 1,300 s/f. One of the retail spaces is vacant.
“We are targeting a service-oriented tenant that would fit well into the current tenant mix and fulfill the needs of the local demographics,” said Gorjian. Gorjian is currently negotiating 12 additional real estate acquisitions in the Midwest and on Long Island. His firm’s acquisition strategy focuses on underperforming properties with value-added potential, negotiated through off-market deals. Gorjian targets retail, office, and medical properties nationwide, particularly in the Northeast, Midwest, and Southeast.“Well-financed, all-cash investors who don’t rely on loan financing, such as Gorjian Acquisitions, provide a safer, faster disposition option to real estate owners than do other buyers, who rely on loans for their acquisitions,” Gorjian said. Gorjian Acquisitions is a privately held commercial real estate investment and management firm headquartered in Great Neck, NY. The firm has ownership interest in 20 properties nationwide, including mixed-use buildings, shopping centers, medical facilities, multi-family properties, and office buildings.