Sale of super-regional shopping center on Long Island closes

MORRISTOWN, Feb. 6, 2024 – JLL Capital Markets announced today that it has closed the sale of Broadway Commons, a nearly 730,000-square-foot, super-regional shopping center in Hicksville, New York.

JLL represented the seller and procured the buyers, KABR Group, BTF Capital and AJM BRE Ventures. JLL was also involved in the prior recapitalization in 2018.

The 97-percent-leased, super-regional Broadway Commons is leased to Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy and Blink Fitness, as well as numerous dining options, such as Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread and Blaze Pizza. Additionally, the property includes a vacant former Macy’s location. Driving additional tenants to the site is an unmatched collection of neighboring shadow anchors, such as Long Island’s only IKEA and a top-performing Target, while an unowned Chick-Fil-A, Starbucks and Boston Market occupy highly visible pad sites along North Broadway. Overall, the center generates 8.1 million visits per year.

Situated at 358 North Broadway in the heart of the Eastern Nassau retail submarket, Broadway Commons sits just south of the Long Island Expressway and Northern State Parkway. It benefits from it positioning at the junction of North Broadway and Newbridge Road, which generates a combined AADT of 55,284, and within a three-mile radius of the property is a population of 145,246 and an average household income of $180,788. Broadway Commons is also less than a half-mile north of Downtown Hicksville and only five hundred yards from the Hicksville Train Station, with Penn Station/NYC access available in under 45 minutes.

The JLL Retail Capital Markets team was led by Jose Cruz, Kevin O’Hearn, J.B. Bruno and David Monahan.

“Demand for retail continues to remain strong in the New York Area markets. Broadway Commons presented an opportunity for investors to acquire a large income-generating asset with significant upside on Long Island,” stated Cruz.

“The local partnership is excited to own an important retail asset in the heart of Nassau County,” stated Adam Altman, Managing Member at KABR Group.

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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KABR is a vertically integrated private equity real estate firm responsible for the investment, development, and management of real estate. The portfolio includes commercial, multifamily, industrial, hospitality, and development.

The BTF Capital Fund team consists of experienced veterans of the shopping center industry, Kenneth Schuckman and Aaron Malinsky and Daniel Mermel. With expertise in retail, real estate, brokerage, development, and management, the BTF team has a diverse background in most aspects of the business.