News: Long Island

Gillman of the Shopping Center Group negotiates 2,800 s/f lease for Smashburger at 1600 Marcus Avenue

NEW HYDE PARK, NY The Shopping Center Group has signed a 2,800 s/f lease for Smashburger at 1600 Marcus Ave. Steve Gillman, who represents the franchisee exclusively in Long Island, said, "New Hyde Park has great potential because it's a newly renovated center with a Petsmart under construction. The area also has strong daytime traffic with abundant office workers in the area as well as two nearby hospitals." This is the fourth Smashburger Gillman has signed in the past year with ISK Enterprises, owned by the former McDonald's franchisee, Irwin Kruger, who has the Smashburger exclusive rights for Long Island. At one time Kruger had operated 23 suburban McDonalds in New Jersey, Rhode Island and Massachusetts. ISK Enterprises was awarded Operator of the Year by Smashburger's corporate headquarters last month. Smashburger is a fast-growing fast food burger chain also offering Smashchicken sandwiches and signature salads, veggie frites, haystack onions, Haagen-Dazs shakes and bottled beer and wine. Karalynn Holbrook represented the landlord, Acadia Realty Trust, based in White Plains. Ken Schuckman of Schuckman Realty co-brokered the deal with Gillman. Gillman and Smashburger are looking for another ten Long Island locations. Ideal locations include strong daytime populations, solid traffic counts and adjacent tenancy with a good mix of active retail and restaurant activity. "We have three other deals pending," said Gillman, "And we intend to find and open the rest by the end of 2015."
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.