LI Retail Condo Trades to Hampshire Cos.

GARDEN CITY, NY—Metropolitan Realty Associates and joint-venture equity partner Angelo, Gordon & Co. have sold the retail component of 711 Stewart Ave. here to the Hampshire Cos. Known as Garden City Square, the retail condominiums fetched $66.25 million.

The retail at 711 Stewart totals 176,000 square feet, and is 100% leased to two long-term tenants. A 121,000-square-foot BJ's Wholesale Club opened this past November; the lease runs through 2032. LA Fitness will occupy the remaining 55,000 square feet for a 15-year term at its new two-story building, scheduled for completion in June.

In a release, Metropolitan president Joseph Farkas calls Garden City Square's retail portion “a smart, long-term investment with predictable returns from major retailers like LA Fitness and BJ's in place. Furthermore, its proximity to the Roosevelt Field mall provides a steady flow of retail traffic that is irreplaceable in Nassau County."

There is also a 117,000-square-foot medical office condo that was not included in the sale to Hampshire. Jeffrey Dunne and David Gavin of CBRE's New York Institutional Group represented ownership in the retail condo sale, and the two are marketing the medical office condo for sale.

Tenants in the medical office condo include Nassau Radiology Group, the Endoscopy Center of Long Island, Cardiovascular Medical Associates and the Ophthalmic Consultants of Long Island. Additional tenants include Sanford Brown Institute and state agency ACCESS NY.

Garden City Square is a 17-acre project next to Roosevelt Field, one of the country's largest shopping malls. Metropolitan and Angelo, Gordon purchased the property in May of 2010 for $15 million through a note acquisition. Later this month, the JV partners will receive an award from the Long Island Business News for redeveloping Garden City Square.