Tag: retail real estate

Growing café chain Gregorys Coffee is expanding with a new location at the Roosevelt Field mall in Garden City. 

The Roosevelt Field store, which opens Friday, April 5, will be the company’s third Long Island location, following others at 1932 Deer Park Ave. in Deer Park and 878 Walt Whitman Road in Melville. 

“At Gregorys Coffee we strive to challenge the status quo and see coffee differently,” Gregory Zamfotis, founder and CEO of Gregorys Coffee, said in a company statement. “We are excited to introduce our third location in Long Island and welcome more ‘Gregulars’ into our family. Long Island exudes the feeling of family and we are so excited to join the community. This location has been a long time coming; we are delighted to officially open the doors.” 

Zamfotis grew up in the food industry. His father George owned a small chain of delicatessens in Manhattan called Zams, where a young Gregory would often lend a hand. 

Zamfotis opened his first Gregorys Coffee location on Manhattan’s Park Avenue South in Dec. 2006 and there are now 37 locations in New York, New Jersey, Connecticut and Washington D.C. 

The newest Gregorys Coffee is the first mall location for the 17-year-old company. 

“We’re thrilled to work with Simon (Property Group) on this new location at Roosevelt Field Mall, and believe we are the perfect coffee brand for their shoppers and merchants alike,” René Puerta, director of marketing at Gregorys, said in the statement. “With drinks ranging from our refreshers to cold brew concoctions as well as delicious vegan eats, Gregorys is well-positioned to cater to the wide range of customers that shop here.” 

Gregorys Coffee offers a wide variety of hot and cold beverages, including several types of coffee, cappuccino, espresso, lattes, teas, chais, green protein drinks, smoothies, juices and more. The family-owned chain also offers an extensive menu of baked goods, featuring muffins, donuts, cookies and cakes. There are also sandwiches, vegan burritos, oatmeals, parfaits, pudding and more. 

A shopping center in New Hyde Park has sold for $12.825 million. 

NHP 2079 LLC, an affiliate of a Long Island-based commercial real estate investment group, purchased the 20,755-square-foot center on 1.54 acres at 2079-2095 Hillside Ave. 

Known as New Hyde Park Plaza, the center is 84 percent occupied with a tenant roster that includes Lakeshore Learning Center, H&R Block, Supercuts, Bagels & A Hole Lot More, Previti Papazzio restaurant, and Pink Nail & Spa. 

The sale price equates to a projected cap rate of 6 percent. 

The seller, Jericho-based Sanders Equities, sold the New Hyde Park property as part of a 1031 exchange. Late last year, the company acquired a two-building industrial portfolio in Savannah, Ga. for about $33 million.   

“This was a good opportunity at the right time to sell and expand our footprint in the Southeast market, specifically the Savannah industrial portfolio acquisition,” said Jordan Sanders, president of Sanders Equities. 

Adam Bass and Eric Gillman of CBRE represented the buyer, while the seller, Sanders Equities, was self-represented in the New Hyde Park sales transaction. 

Wellness center expands with new Hauppauge space 

The Vitality Center, a wellness and chiropractic practice, leased 10,000 square feet.

February 1, 2024

A group of local commercial real estate investment firms have purchased the 68-acre Broadway Commons mall in Hicksville. 

The price was not disclosed, but real estate sources say it sold for $40 million, less than half of what it was purchased for a decade ago. 

The group, which bought the retail complex under the entity K/BTF Broadway LLC, includes Rockville Centre-based BTF Capital; the Kabr Group, headquartered in Englewood, N.J., and AJM BRE Ventures, a joint venture of Long Island firms AJM Real Estate, headed by Adam Mann, and Burman Real Estate, headed by Scott Burman. 

The Hicksville property totals 1.1 million square feet of retail space, and it is more than 90 percent occupied. The acquisition does not include the 240,000-square-foot Ikea store, which Ikea owns, or the 137,000-square-foot Target store, which Target owns. 

This marks the first time in decades that the retail center at 358 Broadway has local ownership. First opened as Mid Island Shopping Plaza in 1956, the retail complex has undergone many changes throughout its long history. The open-air shopping center was enclosed in 1968, renamed Broadway Mall in 1989 and completely redeveloped in 1995. 

Vornado Realty Trust acquired the Hicksville property in 2005 for $153 million and sold it to KKR & Co. for $94 million in 2014. In 2017, the property was renamed Broadway Commons and has since been operated by Pacific Retail for its most recent owner UBS. 

BTF Capital, a member of the new ownership group, is headed by Kenneth Schuckman, who is also principal of the commercial real estate brokerage firm Schuckman Realty, which is the new exclusive leasing broker for the Broadway Commons mall. 

Jose Cruz, J.B. Bruno and Kevin O’Hearn of JLL represented the buyer, K/BTF Broadway LLC, as well as the seller, UBS, in the Hicksville sales transaction. 

Inked: Recent LI real estate deals

Shiny Properties, a Queens-based commercial real estate investment firm, purchased a 9,925-square-foot retail/[…]

November 30, 2023

The owners of a Long Island shopping center have announced its refinancing and several new tenant signings. 

The 188,109-square-foot Soundview Marketplace in Port Washington will soon welcome five new tenants, including a new 2,000-square-foot Starbucks, a 1,668-square-foot Crumbl Cookies, a 4,303-square-foot Eden Nail Spa, a 1,094-square-foot GNC store and a 1,728-square-foot Woof Gang, a dog bakery and grooming chain. 

The new businesses will join the growing tenant roster at the 11-acre Soundview Marketplace, that includes Target, TJ Maxx, Walgreens, West Marine, Five Below, F45 and Ace Hardware. 

In addition, the shopping center’s ownership, a joint venture between Boca Raton, Fla.-based PEBB Enterprises and Manhattan-based Sagamore Hill Partners which acquired the property in Dec. 2020, closed an $18.75 million refinancing of the retail complex. Deutsche Bank AG provided the loan with $15.75 million as an initial advance and $3 million for future funding for capital improvements and leasing costs. 

“We take great pleasure in bringing best-in-class retailers to Port Washington,”Mark Kaplan, co-founder and principal of Sagamore Hill Partners, told LIBN. “By attracting new tenants to the property, we’re ensuring that Soundview Marketplace is the top shopping destination in the area.” 

The Port Washington shopping center was only about 50 percent occupied when the current ownership purchased the property. PEBB and Sagamore Hill have made significant enhancements to the center and attracted many new tenants, bringing occupancy up to 80 percent.  

“Soundview Marketplace has been a great addition to our portfolio,” PEBB Enterprises CEO Ian Weiner said in a company statement. “We have been successful in our efforts to improve the shopping center and attract high-quality national tenants that fit the aesthetic of the surrounding community in Port Washington.” 

RIPCO Real Estate oversees the leasing and property management of Soundview Marketplace on behalf of ownership, who also retained RIPCO Debt & Structure Finance for the refinancing, led by Steven Sperandio, along with analyst Jake Weiss, according to the statement. 

YogaSix, a growing chain of yoga studios, is opening its first Long Island location. 

Long Island’s first YogaSix is opening in an 1,846-square-foot retail space in The Shoppes at Country Pointe at 1481 Old Country Road in Plainview on Friday. 

Franchisee Jessica Jackson is the owner and operator of the new Plainview YogaSix. Jackson, from Dix Hills, was a stay-at-home mom of three children when she was looking to do something on her own and found YogaSix by accident. 

“I took a class at one of their studios in Eastchester,” she told LIBN. “I love the ease and accessibility of all levels of yoga, and I really wanted to bring that to my community.” 

Jackson said many Long Island yoga studios closed because of the COVID pandemic, and she felt that left a void for YogaSix to fill and meet a strong demand for the concept. 

“A lot of people are interested in yoga, but they are intimidated,” she said. “The Y6 format is so welcoming to both newbies and experienced yogis.” 

Various yoga classes are offered at YogaSix to encompass everything from deep stretching to stress relief to high-intensity training. The studio offers six core formats – Y6 101, Y6 Restore, Y6 Slow Flow, Y6 Hot, Y6 Power, and Y6 Sculpt & Flow – and each class caters to varied fitness levels and aims to strengthen the mind-body connection. 

YogaSix offers monthly memberships with unlimited classes, and it also welcomes walk-ins. The Plainview studio is holding a three-day grand opening celebration on Friday, Nov. 10 through Sunday, Nov. 12 featuring giveaways, raffles, local vendor showcases, free classes and champagne. 

The all-in cost to open a YogaSix studio ranges from $294,836 to $499,236, according to the company’s franchise information. YogaSix is one of 10 fitness brands under the Xponential Fitness umbrella, which includes Stretch Lab, Club Pilates, Rumble, Pure Barre, BFT, Cyclebar and more. 

Jackson is supported in her new venture by her husband Andrew Jackson, who owns an IT firm serving business clients throughout the area. She has a four-studio franchise deal and is planning to open future YogaSix studios in three other Nassau County communities. 

The YogaSix chain is in the midst of a major area expansion. Seven more YogaSix studios are in development on Long Island with two other franchisees. 

Daniel Glazer and Joanne Argenti of RIPCO Real Estate represented YogaSix, while their RIPCO Real Estate colleagues Brian Schuster, Jason Sobel and Juliana Chiarelli represented the landlord, Beechwood Organization, in the Plainview lease. 

A group of Long Island commercial real estate investors have acquired a Florida shopping center for $6.26 million. 

The group, led by Roger Delisle of Island Associates, purchased a 61,220-square-foot retail center on 9.8 acres at 27405 U.S. Highway 27 in Leesburg, Fla. 

The shopping center called Lake Harris Square is 100 percent occupied and anchored by a Winn Dixie Supermarket and Winn Dixie Wine & Spirits, with a tenant roster that includes Beef O’Brady, Brooklyn’s Pizzeria & Italian Restaurant, Subway, Seafood Shack and other local businesses. The property was recently renovated, including $2 million in improvements performed by Winn Dixie, according to the buyers. 

The Leesburg center is the sixth Florida retail property Delisle and his investment group have acquired in the last four years. The group owns shopping centers, single-tenant properties, industrial buildings and apartment complexes up and down the East Coast. 

The price of the Leesburg property equates to a 6.75 percent cap rate. 

“Given the rising rates of treasury notes, we are seeking investments with rising cap rates moving forward to reflect the market,” Delisle told LIBN. “This property reflects that strategy.” 

Delisle represented the buying group, while Daniel Baruch of Legacy Realty Group represented the seller, Bingham Realty Inc., in the sales transaction.