Saturday, May 14, 2022
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Lengthy Island Entire Meals retail constructing sells for $65.25M

JLL Capital Markets introduced at this time that it has closed the $65.25 million sale of Entire Meals at Westbury,…

By Staff , in Real Estate , at May 14, 2022


JLL Capital Markets introduced at this time that it has closed the $65.25 million sale of Entire Meals at Westbury, a 55,109-square-foot, Entire Meals Market-anchored buying heart positioned within the prosperous suburban Lengthy Island group of Backyard Metropolis, New York. JLL marketed the property on behalf of the vendor. Midwood Funding & Improvement. A non-public household funding agency acquired the asset.

Entire Meals lately executed a 20-year lease for the constructing, which opened in 2020, and has since welcomed 1.17 million guests, making it essentially the most visited Entire Meals on Lengthy Island. Based on Placer.ai, the shop ranks within the 94th percentile amongst all grocery shops within the U.S. The property is at
857 East Gate Blvd. and features a 4,818-square-foot, freestanding pad area absolutely occupied by HSBC
Financial institution and Bond Vet, and the middle supplies ample parking.

The JLL Capital Markets group representing the vendor was led by Senior Managing Administrators James Galbally, Chris Angelone, Jose Cruz, Christopher Munley and Andrew Scandalios; Senior Director Colin
Behr; and Director J.B. Bruno.

“All through JLL’s advertising and marketing course of, Entire Meals Westbury attracted curiosity from essentially the most aggressive
worldwide and home institutional, REIT and personal capital on account of its infill location, dominant anchor
in Entire Meals and lengthy lease time period,” Galbally mentioned.

“Total, retail within the suburban New York space continues to draw traders, given the shortage of alternatives out there and upside within the tenant rents,” Cruz added.

“This can be very uncommon to have belongings of this profile come to market, particularly in Lengthy Island, and the
ensuing demand and best-of-the-best pricing achieved mirrored that shortage premium,” Munley mentioned.

JLL Analysis’s lately launched Grocery Tracker 2022 report tracked the fastest-growing grocers within the
U.S., with Entire Meals rating inside the high 10 quickest rising grocery retailer chains in 2021. The report additionally particulars grocery-anchored retail posted the second-highest degree of exercise recorded for property transactions, with trades toppling $13.3 billion.

JLL Capital Markets is a full-service world supplier of capital options for actual property traders and
occupiers. The agency’s in-depth native market and world investor information delivers the best-in-class
options for purchasers — whether or not funding gross sales and advisory, debt advisory, fairness advisory or a
recapitalization. The agency has greater than 3,000 Capital Markets specialists worldwide with places of work in
practically 50 international locations.

For extra information, movies and analysis sources on JLL, please go to our newsroom.

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