September 23, 2020 – Mattone Investors is pleased to announce the successful purchase of a 50% interest in 92-18 168th Street, Jamaica, New York from long-time partner Ceruzzi Properties. The 112,000 sf property is currently leased long term to Home Depot.
Mattone and Ceruzzi assembled the 5-parcel site over a period of 2 years and signed a long-term ground lease with Home Depot 2005. The purchase was negotiated by Chris Todd, Executive Vice President and General Counsel of Mattone Investors. “We are thrilled to own 100% of this asset with strong cash flow in a market we know very well. We have enjoyed a great partnership with our friends at the Ceruzzi Organization and as expected we had a very smooth transaction” stated Michael X. Mattone, Chief Executive Officer of Mattone Investors.
