Cushman & Wakefield Completes $94 Million Sale of Long Island's Broadway Mall
Commercial real estate services firm Cushman & Wakefield has completed the sale of Broadway Mall, a 1,136,618-square-foot enclosed retail center in Hicksville, Long Island. The well-located, multi-level center traded for $94 million.
Seller Vornado Realty Trust was represented in the transaction by Cushman & Wakefield's East Rutherford, N.J.-based Metropolitan Capital Markets Group (CMG) team of Andrew Merin, Gary Gabriel, David Bernhaut, Brian Whitmer and Nick Karali, along with Dallas-based Tom Salanty, Miami-based Mark Gilbert, and New York-based John Alascio. The buyer was KKR and Broadway Mall Pacific, a partnership between Pacific Retail Capital Partners, Clifton Realty and Peter Fair of Continuum Partners.
"This was a rare Long Island mall offering, and with its great demographics it attracted considerable interest," said Merin. "It was widely marketed, with more than 120 confidentiality agreements signed and nearly 20 tours. That amount of interest is clearly an indication of the fact that retail continues to be a strong performer in the heavily populated tri-state area.
"Ultimately, our team was able to utilize our expertise to identify the appropriate buyer and successfully conclude this transaction for the benefit of all the parties involved," added Merin.
Completed in 1956 as an open-air retail center originally known as Mid-Island Plaza, Broadway Mall was enclosed in 1972, renovated and updated in 1991, and underwent additional improvements to its roof in 2001. More than 90 percent occupied, it is anchored by IKEA, Macy's, Multiplex 12 Cinema and Target, which owns its location. Other major national retailers represented on-site include Forever 21, H&M, Old Navy, Victoria's Secret, Foot Locker, Hollister, and Buffalo Wild Wings, among others.
Broadway Mall is located on 70 acres off of Route 106-107 in Nassau County, near the Long Island Expressway. The site offers more than 4,600 parking spaces.
"This acquisition also offers a value-add opportunity for the new ownership through the ability to rework tenancies and lease terms, as well as additional capital upgrades," said Merin.
Based in East Rutherford, N.J., Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013.