WESTBURY, N.Y. — LNR Partners LLC has sold The Mall at the Source, a 723,326-square-foot shopping center in the Long Island community of Westbury, for $92 million. The transaction included the 210,798-square-foot Fortunoff Building, a vacant anchor property formerly occupied by now-defunct department store Fortunoff.
The property, which includes a four-story parking garage, is situated on 38 acres at 1504 Old Country Road. Located 28 miles from New York City, the mall is positioned within the Nassau Hub submarket.
LNR sold the property as the manager for CMAT 99-C1 Old Country Road LLC, which is a subsidiary of Starwood Property Trust Inc. There was also a co-seller on the transaction, a real estate mortgage investment conduit (REMIC) trust for which C-III Asset Management LLC is the special servicer.
Jose Cruz, Kevin O’Hearn, Chris Phaneuf, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF marketed the property on behalf of the sellers. HFF also secured a loan for the Fortunoff Building.
An undisclosed private foreign buyer purchased the mall and acquired the title to the Fortunoff Building.
Starwood Property Trust is a commercial mortgage real estate investment trust. C-III Asset Management is a real estate investment management and commercial property services company.
— Kristin Hiller