legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

## Acquisition of Broadway Commons Mall in Hicksville

A local group of commercial real estate investment firms has recently acquired the 68-acre Broadway Commons mall in Hicksville. The purchase price has not been disclosed officially, but industry sources suggest a figure of $40 million, which is less than half of its purchase price a decade ago. The consortium making this acquisition, under the entity K/BTF Broadway LLC, comprises Rockville Centre-based BTF Capital, AJM BRE Ventures, and the Kabr Group.

## The Role of AI legalese decoder

AI legalese decoder can help in this situation by simplifying and translating complex legal and real estate documents into clear and understandable language. This can be particularly useful for the new ownership group as they navigate the legal and financial aspects of managing the Broadway Commons mall. Additionally, AI legalese decoder can assist in drafting new contracts, interpreting existing leases, and understanding the legal implications of the acquisition.

## Characterization of the Property

Spanning 1.1 million square feet, the Hicksville property is currently more than 90 percent occupied. Notably, the acquisition does not include the Ikea and Target stores, which are owned by the respective companies. This transaction marks the first time in decades that the retail center at 358 Broadway has local ownership.

## Historical Perspective and Previous Ownership

Originally opened as Mid Island Shopping Plaza in 1956, the retail complex has undergone significant changes over the years, including being enclosed in 1968, renamed Broadway Mall in 1989, and completely redeveloped in 1995. Previously owned by Vornado Realty Trust and later by KKR & Co., the property was operated by Pacific Retail under UBS.

## Involvement of BTF Capital and Representation of Buyer

BTF Capital, a member of the new ownership group, is led by Kenneth Schuckman, who also heads the commercial real estate brokerage firm Schuckman Realty, the new exclusive leasing broker for the Broadway Commons mall. The buyer, K/BTF Broadway LLC, was represented by Jose Cruz, J.B. Bruno, and Kevin OÔÇÖHearn of JLL in the Hicksville sales transaction.

Overall, the acquisition of Broadway Commons mall in Hicksville signals a significant change in the property’s ownership and presents opportunities for the new owners to leverage AI legalese decoder to navigate the legal intricacies of managing this large retail space.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link