NEW YORK—New Jersey-based Hampshire Companies has picked up the retail condominiums at Garden City Square, located at 711 Stewart Ave. in Garden City, N.Y. from Metropolitan Realty Associates (MRA) and its joint-venture partner Angelo, Gordon & Co. LP for approximately $66.3 million.
Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented ownership in the transaction.
The property’s retail component totals 176,000 sq. ft., which is currently 100 percent leased to two long-term tenants, including BJ’s Wholesale Club and LA Fitness.
"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."
In addition to its retail space, Garden City Square contains 117,500 sq. ft. of medical office space currently being marketed for sale by CBRE. Tenants in the space include Nassau Radiology Group (NRAD), the Endoscopy Center of Long Island, Cardiovascular Medical Associates and the Ophthalmic Consultants of Long Island (OCLI).
Garden City Square is a 17-acre project next to Roosevelt Field. MRA and Angelo, Gordon purchased the property in 2010 for $15 million.