Listen to this articleA group of local commercial real estate investment firms have purchased the 68-acre Broadway Commons mall in Hicksville.
The price was not disclosed, but real estate sources say it sold for $40 million, less than half of what it was purchased for a decade ago.
The group, which bought the retail complex under the entity K/BTF Broadway LLC, includes Rockville Centre-based BTF Capital; the Kabr Group, headquartered in Englewood, N.J., and AJM BRE Ventures, a joint venture of Long Island firms AJM Real Estate, headed by Adam Mann, and Burman Real Estate, headed by Scott Burman.
The Hicksville property totals 1.1 million square feet of retail space, and it is more than 90 percent occupied. The acquisition does not include the 240,000-square-foot Ikea store, which Ikea owns, or the 137,000-square-foot Target store, which Target owns.
This marks the first time in decades that the retail center at 358 Broadway has local ownership. First opened as Mid Island Shopping Plaza in 1956, the retail complex has undergone many changes throughout its long history. The open-air shopping center was enclosed in 1968, renamed Broadway Mall in 1989 and completely redeveloped in 1995.
Vornado Realty Trust acquired the Hicksville property in 2005 for $153 million and sold it to KKR & Co. for $94 million in 2014. In 2017, the property was renamed Broadway Commons and has since been operated by Pacific Retail for its most recent owner UBS.
BTF Capital, a member of the new ownership group, is headed by Kenneth Schuckman, who is also principal of the commercial real estate brokerage firm Schuckman Realty, which is the new exclusive leasing broker for the Broadway Commons mall.
Jose Cruz, J.B. Bruno and Kevin O’Hearn of JLL represented the buyer, K/BTF Broadway LLC, as well as the seller, UBS, in the Hicksville sales transaction.
