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.
[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."
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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