195 North Broadway in Hicksville — Courtesy: JLL
By Joshua Burd
A developer has purchased the site of a vacant Sears and two fully occupied pad sites on Long Island, in a deal arranged by JLL’s Morristown-based capital markets team.
Located in the Hicksville section of Oyster Bay, the property at 195 North Broadway has roughly 23.3 acres of developable land around the former department store property, with zoning that allows for most retail, medical and office uses, according to JLL. The balance of the parcel spans 3.1 acres and houses a triple-net-leased Chipotle and TD Bank, which draw roughly 425,000 visits per year.
JLL’s Jose Cruz, J.B. Bruno, Ryan Robertson, Kevin O’Hearn, Andrew Scandalios and Joseph Lembo represented the private seller in the deal with Steel Equities, which paid an undisclosed price.
“The infill location of 195 North Broadway combined with the ability to acquire a site this size attracted multiple bidders that wanted to acquire the former Sears and led to very strong pricing,” Cruz said.
In announcing the deal, JLL said 195 North Broadway is directly across the street from Broadway Commons, a 1.2 million-square-foot destination shopping center. It’s also less than a mile from the Long Island Expressway, the Northern State Parkway and the Hicksville train station, with significant frontage on heavily trafficked North Broadway.
