Mohegan Village Square, a two-story retail and office building at 1950 E. Main St. in the village of Mohegan Lake, recently sold for $1.7 million in an all-cash deal, Admiral Real Estate Services Corp. reported.
John Barrett, head of investment sales at Admiral in Bronxville, represented the seller, EK Trust, which developed the 13,500-square-foot property on state Route 6 in the heart of the village”™s shopping district about 30 years ago. Barrett also identified the buyer, D.B. Realty of Westchester LLC, a Yonkers-based investor in multifamily properties that was looking to diversify assets.
Barrett said Mohegan Village Square has six ground-floor retail tenants and six second-floor office tenants, with three office units vacant.
“We had over 15 property inspections and received multiple highly qualified noncontingent all- cash offers,” Barrett said in the announcement. He said the sale occurred at a capitalization rate of 6.3 percent on in-place income, or about $126 per square foot.
