Listen to this articleA sprawling retail center in Hempstead has a new owner.
Manhattan-based Agus Holdings acquired the 248,569-square-foot center on 23.8 acres at 132-178 Fulton Ave.
The price was not disclosed; however, real estate sources say the property sold for $41 million.
Known as The Hub, the center is nearly 99 percent occupied by a diverse mix of retail tenants that include Home Depot, Stop & Shop, Five Below, Chase Bank, Burger King and many others.
The buyer, which owns three other retail and mixed-use properties further east on Fulton Avenue, plans to invest in improvements to enhance The Hub property, located in the heart of downtown Hempstead between Fulton Avenue and Front Street.
“We are thrilled to acquire The Hub, our fourth property in Hempstead, which continues our commitment to improving the retail landscape in this area,” Josh Agus, principal at Agus Holdings, said in a company statement. “Long Island is one of the most densely populated regions in the country, and opportunities to acquire land of this size are incredibly rare. The Long Island retail market is vibrant and highly competitive, and securing a property like The Hub allows us to make a significant impact. Our goal is to elevate this property, ensuring it continues to serve the Hempstead community with an even better shopping experience. This acquisition aligns perfectly with our mission to invest in and transform key urban locations.”
The seller of The Hub retail complex was SITE Centers, a publicly traded real estate investment trust headquartered in Beachwood, Ohio.
Agus Holdings owns and operates about 1 million square feet of commercial real estate in the New York and New Jersey areas. The company focuses on acquiring value-add real estate assets.
The Booth Street brokerage team has been retained to handle the leasing of the Hempstead property.