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[IMGCAP(1)] GARDEN CITY, NY-Kenneth Zakin, senior managing director of the capital group at Newmark Knight Frank, tells GlobeSt.com that his firm has just gone to market with a net leased offering in a major retail corridor on Long Island that also presents a significant redevelopment opportunity. The offering, is 747 Zeckendorf Blvd., a single-story, 145,262-sf industrial/flex building that is currently triple net leased to AAR Allen Services and guaranteed by AAR Corp.

Sitting on a nine-acre parcel, the asset, Zakin says, presents a unique retail redevelopment opportunity for an investor should AAR Corp. agree to an early lease termination. He explains that although there is not a set asking price, the expectation is that it should sell for approximately $20 million.

[IMGCAP(2)] “The seller is institutional, and has elected to sell due to the 15-year term remaining on the lease,” Zakin tells GlobeSt.com. “The property is located in the most vibrant retail corridor of Long Island and is a pure infill site in Garden City adjacent to Target and across from Lowes.”

He continues that the building has the benefit of an assured growing income stream and at the same time there may be an opportunity to convert the property. The property is located between Roosevelt field Mall and Roosevelt Raceway Center and the Source Mall. It is also within approximately half mile from the Archstone, a new 51-acre residential development.

Zakin says that Newmark has already received significant interest from local developers and institutional buyers “that are attracted to the property’s location, income and development potential.” The bid day is Oct. 3, 2008, and a deal is intended to close in December, Zakin says.

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