JLL Capital Markets closed the sale of the vacant former Sears and fully occupied pad sites at 195 North Broadway in Hicksville, New York
News release
12 July 2023
Sale of 26-acre land site in Long Island closes
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MORRISTOWN, July 12, 2023 – JLL Capital Markets announced today that it has closed the sale of 195 North Broadway, a 26.4-acre, development opportunity located in the densely populated hamlet of Hicksville in the Town of Oyster Bay, Nassau County, New York.
JLL worked on behalf of the seller and Steel Equities acquired the asset.
The property consists of two pad sites situated on 3.1 acres, as well as the approximately 23.3 acres of developable land. The existing retail tenants include the triple-net-leased Chipotle and TD Bank, which draw roughly 425,000 visits per year. The remaining developable land is zoned General Business (GB), which allows for most retail, medical and office uses.
195 North Broadway is ideally positioned directly across the street from Broadway Commons, a 1.2 million-square-foot destination shopping center. It sits less than one mile from the Long Island Expressway, Northern State Parkway and the Hicksville Train Station and features significant frontage on North Broadway (NY State RT 106), which has an average daily traffic count of over 30,000 vehicles. Within a five-mile radius of the site is an affluent and dense population of 290,767 with an average household income of $166,292.
The JLL Capital Markets team was led by Jose Cruz, J.B. Bruno, Ryan Robertson, Kevin O’Hearn, Andrew Scandalios and Joseph Lembo.
“The infill location of 195 North Broadway combined with the ability to acquire a site this size attracted multiple bidders that wanted to acquire the former Sears and led to very strong pricing,” stated Cruz.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.