Overview
Besen Partners, as the exclusive agent for Ownership, is offering for sale a 100% net-leased mixed-use property located at 92-77 Queens Blvd, Rego Park, NY 11374. This 61,780 SF building, built in 2017, formerly operated as the Wyndham Garden LaGuardia South and consists of a 50-key hotel, parking garage and a retail component anchored by high-quality tenants, including Retro Fitness, Starbucks, and a government-backed entity. The asset includes benefits from an ICAP tax abatement, significantly reducing tax liabilities and enhancing cash flow. The property operates under a ground lease with an initial 99-year term starting in July 2013, leaving 86 years remaining, offering long-term stability for investors. Located in a prime, high-traffic area, the property is near key demand generators such as Queens Center Mall, major transportation hubs, and LaGuardia Airport, ensuring consistent foot traffic and strong market fundamentals.
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Investment Highlights
The property’s retail mix includes government backed, stable, long-term tenants that provide consistent cash flow:
- Community Housing Innovations (CHI): A government-backed non-profit, CHI occupies 19,000± SF and provides affordable housing services. With a secure 10-year lease through May 2032, CHI offers long-term stability and consistent revenue for the property.
- Starbucks (2,461 SF): Prime corner location with a drive-thru, rare for this area. The lease runs through 2026, with four 5-year renewal options and a corporate guarantee.
- Retro Fitness (20,524 SF): Anchors the retail space and includes complimentary access for hotel guests, adding value to the hotel component. Lease runs through 2027, with two 5-year renewal options.
- Parking Garage (18,374 SF): Managed by Target Park, providing essential parking for both hotel guests and retail visitors, a rarity in high-density areas.
Lease Structure and Stability
The retail leases are triple-net (NNN), minimizing landlord expenses. Community Housing Innovations (CHI) being government backed, offers long-term stability, with built-in rent escalations and favorable renewal options that ensure predictable future revenue growth
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Sales Team
