Metropolitan Realty Associates and its longtime joint-venture equity partner, Angelo, Gordon & Co. have announced the $66.25 million sale of the retail condominiums at 711 Stewart Ave. in Garden City to N.J.-based Hampshire Companies.
Known as Garden City Square, the property’s retail component totals 176,000 s/f, which is 100 percent leased to two long-term prime tenants. BJ’s Wholesale Club opened up in November 2012, taking 121,000 s/f of space for 20 years. LA Fitness will occupy the remaining 55,000 s/f for a 15-year term upon completion of its new, two-story building scheduled for June 2013.
“Garden City Square’s retail portion is a smart, long-term investment with predictable returns from major retailers like LA Fitness and BJ’s in place,” said Joseph A. Farkas, president of MRA. “Furthermore, its proximity to the Roosevelt Field mall provides a steady flow of retail traffic that is irreplaceable in Nassau County.”
Also part of Garden City Square is a 117,500-square-foot medical office condominium that is not included in the retail sale to Hampshire but is available for sale. The medical office condominium tenants include well-regarded Long Island medical practices Nassau Radiology Group, the Endoscopy Center of Long Island, Cardiovascular Medical Associates and the Ophthalmic Consultants of Long Island, which together have created a hub of medical businesses at Garden City Square. Additional tenants include Sanford Brown Institute and ACCESS NY, a New York state agency.Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented ownership in this transaction and is marketing the medical office condominium for sale.
In April, MRA and Angelo, Gordon will receive the Top Redevelopment award from Long Island Business News for its successful repositioning of 711 Stewart Avenue. Last year, they were honored with three LIBN awards: the Top Retail Lease award for the 711 Stewart Ave./Garden City Square BJ’s transaction; the Top Office Lease award for the 63,402-square-foot relocation of Suffolk County’s Department of Health Services to Sunrise Business Center; and, the Top Office Sale award for the $39.2 million sale of 1000 Stewart Avenue/500 Endo Boulevard in Garden City, N.Y.
Garden City Square is a 17-acre project next to Roosevelt Field, one of the country’s largest shopping malls, and is easily accessible from the Meadowbrook Parkway. MRA and Angelo, Gordon purchased the property in May 2010 for $15 million, or less than $45.00 per square foot, through a note acquisition. At the time, the transaction was noted by real estate experts to be the low water mark in a rising market.