Garden City retail property trades for $ 65.25M
A Garden City retail property anchored by a Whole Foods Market has sold for $ 65.25 million.
North Bergen, NJ-based BRAM Auto Group purchased the 55,109-square-foot building net-leased to Whole Foods at 857 East Gate Blvd. The deal for the 6-acre property also includes a 4,818-square-foot building on a pad site currently leased to HSBC Bank and Bond Vet.
The seller, Manhattan-based Midwood Management Corp., developed the site that was formerly occupied by a vacant 47,500-square-foot former Pepsi bottling plant and a 27,200-square-foot warehouse for Staples. Midwood leased the new supermarket building to Whole Foods, which has a 20-year lease for the property.
The Garden City Whole Foods, which opened in 2020, has since welcomed 1.17 million visitors, making it the most visited Whole Foods store on Long Island.
The buyer was self-represented, while the JLL Capital Markets team of James Galbally, Chris Angelone, Jose Cruz, Christopher Munley and Andrew Scandalios, along with Colin Behr and JB Bruno, represented the seller in the Garden City sales transaction.
“Throughout JLL’s marketing process, the Whole Foods attracted interest from the most aggressive international and domestic institutional, REIT and private capital due to its infill location, dominant anchor in Whole Food and long lease term,” Galbally said in a company statement.