{"id":1004070151,"date":"2013-04-09T06:28:17","date_gmt":"2013-04-09T14:28:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004070151"},"modified":"2022-12-08T14:46:02","modified_gmt":"2022-12-08T22:46:02","slug":"ag-metropolitan-jv-sells-bjs-la-fitness-condo-units-in-long-island-for-66m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ag-metropolitan-jv-sells-bjs-la-fitness-condo-units-in-long-island-for-66m\/","title":{"rendered":"AG-Metropolitan JV Sells BJ\u2019s, LA Fitness Condo Units on Long Island for $66M"},"content":{"rendered":"<p><em style=\"font-size: 13px;line-height: 19px\">By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Garden-City-Square_Retail.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004070153\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ag-metropolitan-jv-sells-bjs-la-fitness-condo-units-in-long-island-for-66m\/garden-city-square_retail\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Garden-City-Square_Retail.jpg\" data-orig-size=\"800,354\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Garden City Square_Retail\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Garden-City-Square_Retail.jpg?w=800\" class=\"alignleft size-medium wp-image-1004070153\" title=\"Garden City Square_Retail\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Garden-City-Square_Retail.jpg\" alt=\"\" width=\"300\" height=\"132\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Garden-City-Square_Retail.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Garden-City-Square_Retail.jpg?resize=300,133 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/Garden-City-Square_Retail.jpg?resize=768,340 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>HUH Hempstead BJ 2012, L.L.C. and HUH Hempstead LAF 2012, L.L.C., entities controlled by The Hampshire Companies, has purchased a BJ\u2019s Wholesale Club and LA Fitness condominium units at Garden City Square in New York for nearly $66.3 million from AG-Metropolitan 711 Stewart Avenue, L.L.C., a joint venture of Metropolitan Realty Associates, L.L.C. and Angelo, Gordon &amp; Co.<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>CBRE\u2019s New York Institutional Group represented the seller in the transaction and also procured the buyer.<\/p>\n<p>\u201cThis was newly developed property in a highly desirable, infill market,\u201d David Gavin, vice president, CBRE Group, told <em>Commercial Property Executive<\/em>. \u201cThe long-term leases (20 years with BJ\u2019s and 15 years with LA Fitness) provide stable, long-term cash flow.\u201d<\/p>\n<p>The BJ\u2019s Wholesale Club opened last November and is 121,000 square feet. LA Fitness is currently under construction and its 55,000-square-foot space will be opening in the summer.<\/p>\n<p>The property sits within the Town of Hempstead in Nassau County, considered one of the wealthiest and most heavily populated regions of the country. Recent census figures show the area has more than a half million residents with average incomes of over $110,000.<\/p>\n<p>According to Gavin, the appeal of the property was increased by the neighborhood, as it sits within a dense retail corridor with numerous national retailers and direct accessibility to the adjacent 2.2 million-square-foot Roosevelt Field Mall.<\/p>\n<p>The excellent retail market fundamentals within this dense corridor have attracted many national retailers including Walmart, Home Depot, Lowe\u2019s, Target, Costco, Macy\u2019s, Stop &amp; Shop and Nordstrom.<\/p>\n<p>Garden City Square also includes 117,930 square feet of well-positioned medical\/office space, which is owned as a separate condominium unit and was not included in this sale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Entities controlled by The Hampshire Companies have purchased a BJ\u2019s Wholesale Club and LA Fitness condominium units at Garden City Square in New York for nearly $66.3 million from AG-Metropolitan 711 Stewart Avenue, a joint venture of Metropolitan Realty Associates and Angelo, Gordon &amp; Co.<\/p>\n","protected":false},"author":451,"featured_media":1004070153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,1600,21742,21749],"tags":[],"class_list":["post-1004070151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-new-york","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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