Long Island Shopping Center Trades for $65M
Midwood Investment & Development has sold the 55,109-SF, Whole Foods-anchored retail center in Garden City, NY.
GARDEN CITY, NY – Vertically-integrated investment, development and management platform Midwood Investment & Development has sold a 55,109-square-foot, Whole Foods Market-anchored shopping center in Garden City, NY for $65.3 million.
The asset, Whole Foods at Westbury, was purchased by a private family investment firm.
Located at 857 E. Gate Blvd. in the Long Island suburb, Whole Foods at Westbury ranks in the 94th percentile among all grocery stores in the US, according to Placer.ai. The property also serves as the most visited Whole Foods on Long Island. Since opening in 2020, the building has welcomed 1.2 million visitors.
The asset also includes ample parking and a 4,818-square-foot, freestanding pad space that is fully-occupied by HSBC Bank and Bond Vet.
Whole Foods recently executed a 20-year lease at the building.
According to recent JLL research, Whole Foods ranked within the top 10 fastest-growing grocery store chains in 2021. The firm’s grocery tracker 2022 report also suggests that grocery-anchored retail secures the second-highest level of activity for property transactions, with trades toppling $13.3 billion.
JLL marketed the property on behalf of the seller and closed the sale. The JLL capital markets team was led by senior managing directors James Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, senior director Colin Behr and director J.B. Bruno.
“Throughout JLL’s marketing process, Whole Food Westbury attracted interest from the most aggressive international and domestic institutional, REIT and private capital due to its infill location, dominant anchor in Whole Food and long lease term,” says Galbally.
“Overall, retail in the suburban New York area continues to attract investors, given the lack of opportunities available and upside in the tenant rents,” states Cruz.
“It is extremely rare to have assets of this profile come to market, specifically in Long Island, and the resulting demand and best-of-the-best pricing achieved reflected that scarcity premium,” says Munley.