Island Associates completes two transactions for CVS

Island Associates represented a CVS expansion, leasing 510 Middle Neck Rd. The site is the former Food Emporium (A&P). This site offered a 60-car parking lot to the south of the subject parcel, given the requirement from the tenant this was challenging in the Great Neck retail market. The landlord, Great Neck Center, was instrumental in the buyout of the existing Food Emporium given they had six more years on their lease term, this transaction involved multiple players addressing everyone's needs and wants to coincide with the eventual opening of CVS and closing of the supermarket. Roger Delisle of Island Associates represented CVS drugs in this $15 million aggregate rental transaction with Gary Brody of Brody Realty representing the fee owner. Island Associates also brokered an expansion on behalf of CVS located at 721-755 Fort Salonga Rd. (Rte. 25A) in Northport. CVS previously occupied 8,300 s/f reflecting their desired space requirements 15 years prior. Today, space requirements range from 12,000 - 13,500 s/f. Island Associates negotiated the expansion to incorporate an additional 6,300 s/f occupied by a prior tenant (Ground Round Restaurant) and the repositioning of an existing cleaners store, The approval process took over 12 months for the new 14,600 s/f store. Delisle and Brody represented the landlord at this location.