Island Associates
Island Associates
Commack, NY Island Associates has brokered a $3.25 million sale and four leases totaling 42,500 s/f. The deals include the following:
• Roger Delisle Jr. of Island Associates represented the buyer in the $3.25 million sale of 6233 Jericho Tpke. Bruce Nelson of CB Richard Ellis represented the seller. The 1.9-acre site, with a 15,000 s/f building, was a former car dealership. The property will be redeveloped for a retail use. The closing occurred in mid January and development of the property will begin this summer.
• Delisle represented the landlord in a 37,000 s/f lease with LA Fitness for a portion of the new retail development at 305 West Jericho Tpke, Huntington. Brian Schuster of Ripco represented the tenant. LA Fitness will occupy a newly constructed free-standing builing at the development. The tenant has a ground floor of 30,000 s/f and a mezzanine of 7,000 s/f. The lease agreement is for a base term of 15 years with base rent increases in years six and 11. The aggregate rent to be paid is $15 million NNN.
• Delisle represented the landlord and Arche Georgatos of Island Associates represented the tenant in a 3,200 s/f lease at 1245 Middle Country Rd., Middle Island to Dance Sensations Dance Sensation joins King Kullen, McDonalds, Dollar Tree, a newly constructed Golds Gym Fitness Center and various other tenants at the shopping center. The tenant entered a five-year lease with an aggregate base rental of $190,000.
• Island Associates’ Delisle represented the landlord and Arche Georgatos represented the tenant in a 1,300 s/f lease at 369 Little East Neck Rd., West Babylon to Hanna Spa. Hanna Spa joins Crunch Fitness, Subway, Energy Fuel, Bagel Shop, and various other tenants at the shopping center. The tenant entered a five-year lease with an aggregate base rental of $170,000.
• Georgatos represented the tenant, Bin Chen and Zheng Xiang Zhang, and landlord, JMK Spur Associates, Inc., in the lease of 1,000 s/f at 333 Spur Dr. North, Unit E, Bay Shore, for office space use to operate their website. Bin and Zheng will join tenants Alert Glass, Janitorial Supplies, and All Around Tire Shop.
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