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EXCLUSIVE: After walking away from a planned $200 million mixed-use redevelopment of the former Sears property in Hicksville, Seritage Growth Properties is selling the site.
Bethpage-based Steel Equities has outbid several other Long Island development firms and is now in contract to buy the 26.4-acre property.
Real estate industry sources say the sale price for the development site at 195 North Broadway is north of $52 million.
Rendering of Heritage Village / Courtesy of Seritage Growth Properties
Seritage, the real estate investment trust spun off by Sears Holdings in 2015, had planned to transform the former department store property into a mixed-use development with 425 rental apartments, retail and office space, restaurants, a grocery store, cinema, fitness center and food-service kiosks for the project dubbed Heritage Village.
The Seritage project had been slowly working its way through the approvals process, with the Town of Oyster Bay last holding a public hearing on the plan in Sept. 2020. But seven months later, the company put the project on pause and the executive who headed the plan exited.
At the time, Seritage issued a statement that it was pausing the Heritage Village project “to ensure it is consistent with market conditions, our own realigned goals and business objectives, and reflects our discussions with community and government leaders.” The statement added that “COVID has clearly altered the landscape for the entire real estate industry.”
Eventually, Seritage put the Hicksville site on the market and began fielding offers from other developers. The property was being marketed by Jose Cruz, J.B. Bruno and Ryan Robertson from JLL, but the brokers declined to comment on the sale.
Steel Equities has purchased two other former Sears properties on Long Island in recent years. The company paid $28 million for the 225,000-square-foot Sears department store at the Smith Haven Mall in Lake Grove, which it later leased to Stony Brook Medicine. Steel also acquired the former Sears store on Franklin Avenue in Garden City that it leased to NYU-Langone.
Steel has not yet revealed what it plans for the Hicksville property.
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Image and article originally from libn.com. Read the original article here.