145,262-SF Industrial/Flex Hits Block

[IMGCAP(1)] GARDEN CITY, NY-Kenneth Zakin, senior managing director of the capital group at Newmark Knight Frank, tells GlobeSt.com that his firm has just gone to market with a net leased offering in a major retail corridor on Long Island that also presents a significant redevelopment opportunity. The offering, is 747 Zeckendorf Blvd., a single-story, 145,262-sf industrial/flex building that is currently triple net leased to AAR Allen Services and guaranteed by AAR Corp.

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.”