Utopia Center sells in NYC

Price per square foot hits $474

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Marcus & Millichap arranged the sale of Utopia Center, a 109,039-square-foot, mixed-use property in the Fresh Meadows section of Queens, N.Y. The value of the transaction was $51.7 million, or $474 per square foot. Included in the deal are retail and office space, and above-ground parking. Located at Utopia Parkway and Union Turnpike in the heart of Queens, the street-level retail component was 100 percent occupied at the time of sale by such tenants as Barnes & Noble, Sprint PCS, Cold Stone Creamery, Chase and Citibank. Of the 54,025 square feet of office space, a small amount was not leased at closing. A New Jersey investment group purchased the property from an unidentified seller. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. ...