CRONHEIM MORTGAGE ARRANGES $42,857,142

FOR SALE OF WAL-MART-LEASED PARCEL IN FARMINGDALE, NY

Farmingdale, NY – Andrew Stewart of David Cronheim Mortgage Corporation has arranged the sale of the Super Wal-Mart leased parcel at Republic Plaza, a 249,842 square foot shopping center in Farmingdale, NY. The purchase price was $42,857,142.

The subject property is a 216,519 square foot Wal-Mart store that is within a shopping center that also includes Panera Bread, GameStop, Maggie Moos, Chipotle and Sleepy’s. Pad sites count Chili’s, Houlihan’s, and Bank of America as tenants.

The original plans called for Wal-Mart and an additional anchor store. After several years of negotiations with the town for approvals and subsequently various retail tenants, Wal-Mart agreed to increase the size of their original 157,191 square foot store by an additional 59,328 square feet. The entire shopping center encompasses 25 acres and was formally the Polytechnic University campus on Route 110, just south of Republic Airport. According to Andrew Stewart, “The developer, Poly-Jaz Realty, did an outstanding job navigating their way through numerous obstacles of all kinds, including regulatory, municipal, engineering and legal in order to deliver Wal-Mart a prime location for a store that is sure to succeed for many years to come.”