EXCLUSIVE: Retail Site Trades for $29M

FARMINGDALE, NY-In a $28.5-million deal, New York Life has acquired a 15-acre site here. The property is located on Route 110 (Broad Hollow Rd.) in a primary retail corridor.

The ownership has entered into a 25-year ground lease with Lowe’s Home Centers to build a 130,000-sf Lowe’s Home Improvement store on the site. A Levitz furniture store relocated and vacated the property on last October.

Lowe’s received all the necessary planning and zoning approvals for the construction of the store. There will be approximately 704 parking spaces. The ground rent is $1.52 million annually with escalations every five years. Lowe’s currently has more than 1,250 stores in 49 states.