GARDEN CITY, NY-Entities of Morristown, NJ-based Hampshire Companies have acquired the BJ's Wholesale Club and LA Fitness condominium units at Garden City Square here for approximately $66.3 million.
The Hampshire entities—HUH Hempstead BJ 2012, LLC and HUH Hempstead LAF 2012, LLC—purchased the condo units from AG-Metropolitan 711 Stewart Avenue, LLC, a joint venture of Metropolitan Realty Associates, LLC of Jericho, NY and Angelo, Gordon & Co. of New York City. Jeffrey Dunne and David Gavin of CBRE's New York Institutional Group represented the sellers in the transaction.
The 121,000-square-foot BJ's Wholesale Club opened in November 2012, while the 55,000-square-foot LA Fitness is currently under construction with an opening slated for this summer.
“The BJ's and LA Fitness at Garden City Square provided a unique opportunity to acquire a newly developed property in a highly desirable, infill market,” CBRE's Dunne states. “The 20 and 15-year leases with BJ's and LA Fitness will provide Hampshire with stable, long term income.”
Garden City Square also includes approximately 118,000 square feet of medical/office space, which is owned as a separate condominium unit and was not included in this sale, CBRE officials note.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
