PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Johanna Clark
CBRE
203.325.8905
johanna.clark@cbre.com
Jimmy Lappas
Great Ink Communications
212.741.2977
jimmy.lappas@greatink.com
CBRE Group, Inc. Announces the Sale of the Newly Developed BJ’s Wholesale
Club & LA Fitness in Garden City, NY
Garden City, NY (April 2, 2013) – Jeffrey Dunne and David Gavin of CBRE’s New York
Institutional Group represented AG-Metropolitan 711 Stewart Avenue, LLC, a joint venture of
Metropolitan Realty Associates, LLC and Angelo, Gordon & Co., in the sale of the BJ’s
Wholesale Club and LA Fitness condominium units at Garden City Square for approximately
$66.3 million. The team was also responsible for procuring the buyer, HUH Hempstead BJ
2012, LLC and HUH Hempstead LAF 2012, LLC, entities controlled by The Hampshire
Companies.
The highly visible Property is located in prestigious Garden City within the Town of
Hempstead in Nassau County, New York, one of the wealthiest and most heavily populated
regions of the country. The combination of strong demographics with over half a million
residents and average household incomes over $110,000 within 5 miles, convenient
accessibility and high visibility along Stewart Avenue, with direct access to and from the
adjacent 2.2± million SF Roosevelt Field Mall creates a prime environment for national
retailers and strong sales. The excellent retail market fundamentals within this dense corridor
(which includes 6± million SF within 1.5 miles of the Property) have attracted many national
retailers including Walmart, Home Depot, Lowe’s, Target, Costco, Macy’s, Stop & Shop and
Nordstrom, to name a few.
The 121,000 SF BJ’s Wholesale Club opened in November 2012, while the 55,000 SF LA
Fitness is currently under construction and will be opening in the summer. Garden City
Square also includes 117,930± SF of well-positioned medical/office space, which is owned
as a separate condominium unit and was not included in this sale.
Jeff Dunne commented, “The BJ’s and LA Fitness at Garden City Square provided a unique
opportunity to acquire a newly developed property in a highly desirable, infill market. The 20
and 15-year leases with BJ’s and LA Fitness will provide Hampshire with stable, long term
income.”
About the CBRE New York Institutional Group
The CBRE New York Institutional Group (the “Group”) specializes in the sale of investment
properties in the suburban markets surrounding New York City as well as select regional
markets throughout the country. The Group services a prestigious client base of institutions,
corporations, private investors, developers and REITs and has closed over $9 billion in
property sales in all property types over the last five years.
The New York Institutional Group has a number of attractive investment opportunities
currently on the market including: Riverside Center, a 722,084± SF Walmart, Lowe’s and
BJ’s anchored power center in Utica, New York; Elmwood Plaza, a newly developed Stop &
Shop anchored center in West Hartford, CT; Newbury Village, a 180-unit apartment property
located at the merge of Interstate 91 and the Wilbur Cross Parkway in Meriden, Connecticut;
130 Easton Avenue and 66 Sicard Street, a two-property student housing portfolio located
adjacent to Rutgers University in New Brunswick, New Jersey; and Washington Plaza, a
199,376± SF Class A office building in Piscataway, New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has
approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers
through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for
property sales and leasing; corporate services; property, facilities and project management; mortgage banking;
appraisal and valuation; development services; investment management; and research and consulting. Please
visit our Web site at www.cbre.com.