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WESTBURY, NY-The Mattone Group and Gartenstein Properties is purchasing the Roosevelt Raceway Center from ING Clarion Partners LLC. The $103 million price will net 427,000 sf of retail space for the companies. The center is leased-up to tenants including, but not limited to Home Depot, Home Depot Expo, Michael’s, Babies ‘R’ Us, Sprint, Lowe’s Theatre, Applebee’s and Chili’s.

The Roosevelt Raceway Center is on Corporate Drive in Westbury, NY on Long Island. The deal is being put together by Glenn Whitmore, sr. managing director, and Robert Delitsky, managing director, both from Holliday Fenoglio Fowler LP. HFF arranged a $70.7 million acquisition loan with New York Community Bank for this deal.

The Roosevelt Raceway Center was formerly a racetrack for harness-racing from 1940 until 1988. The track was the first to use a moving starting gate and was a popular racetrack until its demise between 1984 and 1988. The property was sold by Madison Square Garden in 1984 and was turned into a retail center, which completed renovation in 1995. The retail center sits on the former parking lot area of the track. The grandstand and track were demolished in 2000.

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