News
GARDEN CITY, SUNSHINE AND FLOWERS
March 10, 2011
| Less than a year after Metropolitan Realty Associates and equity partner Angelo, Gordon & Co purchased 711 Stewart Ave in Garden City for a bargain $15M, they've signed national retailer BJ’s Wholesale Club for a 121k SF lease there. |
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| BJ’s had been seeking space in Garden City for five years, even before MRA purchased the property (now called Garden City Square) and the deal “will turn a withering asset into a major profit center,” says Ripco Real Estate’s John Hanlon, who repped the tenant (Matthew Wallerstein repped MRA in-house). For the tenant, the lease provides a strategically located, highly visible location next to the 2.2M SF Roosevelt Field Mall, Long Island’s largest shopping mall. It’s also close to the Meadowbrook Parkway, which means easy access from the Northern and Southern State Parkways and the Long Island Expressway. The 335k SF Garden City Square, which sits on 17 acres directly adjacent to the mall, also includes medicaland office space. (For when you throw out your back carrying 25 gallon drums of peanut butter.) BJ’s will open in October ’12. |
