By Holly Dutton
Metropolitan Realty Associates and its longtime joint-venture equity partner, Angelo, Gordon & Co., have sold the retail condominiums at 711 Stewart Ave. in Garden City to the Hampshire Companies for $66.25 million.
Known as Garden City Square, the partners took a gamble on the site back in 2010 when they purchased the property for $15 million through a note acquisition at a low watermark in a rising market.
Today Garden City Square’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 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.
Also part of Garden City Square is a 117,500 s/f medical office condo that is not included in the retail sale but is available for sale.
Medical tenants include Nassau Radiology Group, the Endoscopy Center of Long Island, and the Ophthalmic Consultants of Long Island.
Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented ownership in this transaction and are marketing the medical office condominium for sale.
