JLL closes $17M sale of Long Island retail center
The center has a mix of necessity, food and beverage and local retailers
MORRISTOWN, N.J., August 13, 2019 – JLL announces that it has closed the $17 million sale of Hubbards Commons, a 65,970-square-foot, grocery-anchored shopping center in the Long Island community of West Babylon, New York.
JLL marketed the property on behalf of the seller. ShopOne Centers REIT purchased the asset.
Hubbards Commons 98% leased to a variety of tenants, including Best Market, Rite Aid Pharmacy and Orangetheory Fitness. The one-building center was renovated in 2017 and is expandable through the development of a 10,900-square-foot building on an adjacent 1.8-acre fully approved pad site. Situated at 713-761 Sunrise Highway, Hubbards Commons is close to major highways, including Southern State Parkway, Sagtikos Parkway and Babylon Northport Expressway. Additionally, the center is adjacent to a residential neighborhood and more than 143,023 residents earning an average annual household income of more than $109,000 live within a three-mile radius.
The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Andrew Scandalios and Grace Braverman.
“Hubbards Common’s location as well as tenant mix drew strong interest from local and national buyers. Grocery anchored centers continue to be highly sought after by the investment community,” Cruz said. “We are very pleased with the outcome of this transaction.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About ShopOne Centers REIT
ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The company’s more than 48 retail centers located in established trade areas and are supported by a diverse mix of highly productive non-discretionary, value-oriented and grocery retailers. ShopOne is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities. Visit shopone.com to learn more.