Done Deals: JLL Capital Markets brokers sale of the vacant 26-acre, former Sears and fully occupied pad sites at 195 North Broadway in Hicksville, NY

Sunday, July 16, 2023

JLL Capital Markets brokers sale of the vacant 26-acre, former Sears and fully occupied pad sites at 195 North Broadway in Hicksville, NY

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, NY

MORRISTOWN, NJ – JLL Capital Markets 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. The price was not disclosed.

Jose Cruz

JLL worked on behalf of the seller and Steel Equities acquired the asset.

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.

J.B. Bruno

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.

Ryan Robertson

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.

Kevin O’Hearn

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.

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.