Broadway Commons at 358 North Broadway in Hicksville, New York — Courtesy: JLL
By Joshua Burd
A private investor has sold a nearly 730,000-square-foot shopping center in New York’s Nassau County, in a deal arranged by JLL’s Morristown-based capital markets team.
Brokers with the firm represented the seller in the transaction at 358 North Broadway in Hicksville, the site of what’s known as Broadway Commons. The buyers, a joint venture involving KABR Group, BTF Capital and AJM BRE Ventures, paid an undisclosed sum for the 97 percent leased property just south of the Long Island Expressway and Northern State Parkway.
“Demand for retail continues to remain strong in the New York area markets,” said JLL’s Jose Cruz, who completed the deal alongside the firm’s Kevin O’Hearn, J.B. Bruno and David Monahan. “Broadway Commons presented an opportunity for investors to acquire a large income-generating asset with significant upside on Long Island.”
JLL, which was also involved in the recapitalization of the property in 2018, said Broadway Commons is leased to Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy and Blink Fitness. It’s also home to a host of dining options such as Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread and Blaze Pizza, as well as a vacant former Macy’s location.
They added that the asset benefits from its location at the junction of North Broadway and Newbridge Road, which generates a combined annual average daily traffic of 55,284. Within a three-mile radius of the property is a population of 145,246 and an average household income of $180,788, JLL said, while it’s less than a half-mile north of downtown Hicksville and only 500 yards from the Hicksville commuter train station.
“The local partnership is excited to own an important retail asset in the heart of Nassau County,” said Adam Altman, managing member at KABR Group.
