Former BJ's club back on the market. (Retail New York).

Insignia/ESG announces the 115,000-SF former BJ's Wholesale Club is back on the market for sale or lease. The Farmingdale property located at 123 Smith St. is situated on 10.5 acres zoned for industrial use. Although zoned industrial, other potential uses for the property include retail, back office, and R & D, according to Insignia/ESG.

Ed Fitzsimons, a senior managing director at Insignia/ESG's Long Island office, and associate Dan Oliver are marketing the Smith Street property on behalf of W. P. Carey. The asking price is $8.9 million and leasing terms depend on property use.

"Due to its enormous conversion potential -- back office, R&D and retail -- this property offers many re-use options," said Fitzsimons. "An outstanding parking ratio of 7 to 1 is a great enhancement to the back office function. In addition, the building is centrally located off the Route 110 corridor."

123 Smith Street had been under conditional contract for over six months with a residential developer. When the Town of Babylon denied the developer's request for a zoning change to multi-family senior housing, the property was returned to the commercial marketplace.

The building is fully sprinklered and air-conditioned, has sewer service, and is located on the Nassau/Suffolk border in close proximity to Route 110 and major parkways. Additionally, IDA benefits are possible and the building is expandable to 200,000 SF for industrial use. "During the past six months, we fielded many inquiries from the marketplace, and there seems to be strong interest from R&D tenants requiring large floor plates and heavy parking," added Fitzimons.