UBS Sells Super-Regional Shopping Center for $40M
JLL Capital Markets brokered the transaction.
A partnership between KABR Group, BTF Capital and AJM BRE Ventures has purchased Broadway Commons, a 730,000-square-foot super-regional shopping center in Hicksville, N.Y. UBS Group AG sold the asset for $40 million, according to CommercialEdge data.
JLL Capital Markets represented the seller and procured the buyers. Back in 2018, the brokerage firm was also involved in the recapitalization of the property.
The transaction included a former Macy’s vacant location of approximately 200,000 square feet. The neighboring 240,000-square-foot Ikea store and the 137,000-square-foot Target store were not included in the deal.
READ ALSO: Retail’s Return: Is the Sector 2024’s Sleeper Hit?
Previously known as Broadway Mall, the retail property originally came online in 1956 as a 1.2 million-square-foot open-air shopping center dubbed Mid-Island Shopping Plaza. The asset was enclosed in 1968, renamed to Broadway Mall in 1989, renovated between 1987 and 1991 and completely redeveloped in 1995.
The property previously traded in 2014, when a partnership led by KKR & Co. bought it for $94 million, public records show. The asset was renamed as Broadway Commons in 2017, the year KKR sold five parcels of it for more than $60 million, according to Long Island Business News. After KKR and the original ownership group left the partnership in 2018, UBS assumed sole control with Pacific Retail Capital Partners staying on as operator.
At the time of the current sale, Broadway Commons was 97 percent leased to a diverse mix of national and regional retailers such as Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy, Forever 21, Claire’s, Game Stop and Blink Fitness. The shopping mall’s food court includes Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread, Subway and Pizza Hut, among others.
JLL Senior Managing Directors Jose Cruz, Kevin O’Hearn, David Monahan and Director J.B. Bruno brokered the transaction.
A beneficial location
Located at 358 N. Broadway, in the heart of the Eastern Nassau retail submarket, Broadway Commons is near the intersection of North Broadway and Newbridge Road, in an area where the daily traffic count reaches 55,284 vehicles. The shopping center serves around 145,246 individuals within a 3-mile radius, with the average household income of $180,788, according to JLL.
Broadway Commons has more than 8.1 million visits per year, due to its location and wide range of tenants. Cruz state in a prepared remark that the demand for retail continues to remain strong in the New York area markets.
You must be logged in to post a comment.