Sitting on a nine-acre parcel, the asset, Zakin says, presents a unique retail redevelopment opportunity for an investor should AAR Corp. agree to an early lease termination. He explains that although there is not a set asking price, the expectation is that it should sell for approximately $20 million.
[IMGCAP(2)] "The seller is institutional, and has elected to sell due to the 15-year term remaining on the lease," Zakin tells GlobeSt.com. "The property is located in the most vibrant retail corridor of Long Island and is a pure infill site in Garden City adjacent to Target and across from Lowes."
He continues that the building has the benefit of an assured growing income stream and at the same time there may be an opportunity to convert the property. The property is located between Roosevelt field Mall and Roosevelt Raceway Center and the Source Mall. It is also within approximately half mile from the Archstone, a new 51-acre residential development.
Zakin says that Newmark has already received significant interest from local developers and institutional buyers "that are attracted to the property's location, income and development potential." The bid day is Oct. 3, 2008, and a deal is intended to close in December, Zakin says.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
