The pickleball craze is bearing fruit for Phil’s organization.
This spring, the Manhattan landlord and developer signed a 15-year agreement with a Long Island investor to buy 30,000 square feet of land in Feil’s East End Commons in Riverhead.bankrupt retail chain kmart made room 2018.
Peconic Pickleball will feature nine indoor courts, as well as a restaurant and drinking venue, the Container Bar & Grill, at the point where the peninsula divides into the North and South Forks.
Bayport resident Peter Bachmore is behind the venture, which aims to capitalize on the rapid popularity of paddle sports. Pine Barrens Realty’s Jason Rubinstein represented Peconic Pickleball in the deal, which was signed in late March, Riverhead News-Review reported.
Feil’s East End Commons is located on 607 Old Country Road (also known as Route 58), at the eastern end of a mile-long corridor filled with great stores, shopping centers, and independent businesses. The 188,000-square-foot retail development centers on the 80,000-square-foot BJ’s Wholesale Club, which just renewed its lease. Patrick Netreba was an internal BJ’s representative involved in the transaction.
Feil’s Randall Briskin represented the company in both transactions, which have an asking rent of $20 per foot on a triple-net basis. He said pickleball was gaining traction across the country at “record speed”.
Designed by Recon Recycled Container Systems, the full-service restaurant will be constructed from shipping containers. The Peconic Pickleball program hosts leagues, pickle boards, tournaments and a pro shop.
The Feil Organization is revamping the entire look of East End Commons while creating smaller retail spaces ranging from 2,000 sq. ft. to 26,000 sq. ft. to attract local suburban shoppers as well as summer visitors to the Hamptons and North Forks.
The reason why pickleball is so popular is that it is easier to play than tennis, squash and other racquet sports because the courts are smaller and the ball moves more slowly.
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“Pickleball is an idyllic way to socialize while doing physical activity,” says Bachmore.It has become a factor in real estate and has also led to some Turf War.
Feil owns more than 24 million square feet of retail, industrial and commercial space in the United States, as well as 5,000 residential properties and thousands of acres of undeveloped land.
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