1300 Franklin Ave. in Garden City, New York — Courtesy: JLL
By Joshua Burd
The owner of more than 127,000 square feet of medical office and retail space on Long Island has tapped JLL’s Morristown-based capital markets team to sell the property.
According to the brokerage firm, the complex at 1300 Franklin Ave. in Garden City, New York, is home to high-profile tenants including NYU Langone Health, Walgreens, Cornell Medicine, and Healthtrax. All current tenants have been in the property since it went through a major renovation in 2007, JLL said, noting that it has a weighted average lease term of five years.
Aside from its 50,033 square feet of medical office space and 49,771 square feet of retail space that are occupied, the complex has 27,392 square feet available.
“With current occupancy at the property of 78.5 percent, there is further lease-up opportunity to
capitalize on the significant presence of top-ranked health care systems and higher
education institutions in Nassau County,” JLL wrote in its marketing materials. “These health systems in the market include Northwell Health, Mount Sinai, Catholic Health and NYU Langone Hospital – Long Island, which is just 0.5 miles from the property.”
The firm’s Jose Cruz, Jeremy Neuer, JB Bruno and Michael Kavaler are leading the marketing team with support from financing brokers Max Custer and Ryan Carroll and leasing broker David Leviton. They noted that Healthtrax, which anchors the lower level, recently signed a new seven-year lease extension and has a full-service gym, a lap pool and saunas, as well as a physical therapy center for NYU.
Garden City, meantime, has a population of 210,000 with an average household income of $178,000 and more than 14 million square feet of retail within a three-mile radius. Positioned between Route 25 and the Hempstead Turnpike, the property has easy access to Long Island’s major thoroughfares.
