Sitting on a nine-acre parcel, the asset, Zakin says, presents aunique retail redevelopment opportunity for an investor should AARCorp. agree to an early lease termination. He explains thatalthough there is not a set asking price, the expectation is thatit should sell for approximately $20 million.

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[IMGCAP(2)] "The seller is institutional, and has elected tosell due to the 15-year term remaining on the lease," Zakin tellsGlobeSt.com. "The property is located in the most vibrant retailcorridor of Long Island and is a pure infill site in Garden Cityadjacent to Target and across from Lowes."

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He continues that the building has the benefit of an assuredgrowing income stream and at the same time there may be anopportunity to convert the property. The property is locatedbetween Roosevelt field Mall and Roosevelt Raceway Center and theSource Mall. It is also within approximately half mile from theArchstone, a new 51-acre residential development.

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Zakin says that Newmark has already received significantinterest from local developers and institutional buyers "that areattracted to the property's location, income and developmentpotential." The bid day is Oct. 3, 2008, and a deal is intended toclose 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.