A Florida-based retail heart proprietor and actual property funding belief made a $130 million deal for Regency Centers Corp. to buy 4 Lengthy Island procuring facilities – two in Nassau and two in Suffolk – with a mixed 400,000 sq. ft of house.
The industrial actual property large purchased the Wading River Commons at 6222 Route 25A, anchored by King Kullen, on December 30, 2021, beneath the title Wading River Regency LLC, for $35 million, Suffolk County deed transfers launched final week present. It was the priciest commercial deal within the space in 2021.
Along with the Wading River property, additionally they purchased one other King Kullen procuring heart in Eastport, a 99,000-square-foot heart in Valley Stream, which can also be anchored by a King Kullen, and a 140,000-square-foot heart in East Meadow, anchored by a Stew Leonard’s and Marshalls.
The corporate now owns and operates 30 properties within the better New York-New Jersey-Lengthy Island space.
“These are precisely the sorts of alternatives we search out,” Jack deVilliers, Senior Vice President and Market Officer for Regency Facilities, stated in an announcement. “This portfolio is an ideal addition to our increasing footprint within the New York Metro space, and we sit up for bringing our time-tested experience to those areas.”
All 4 procuring facilities had been owned by Serota Properties, a developer of retail, workplace and residential property within the better New York space. In his assertion, deVilliers stated Serota was “well-deserving of their fame within the area.” Geoff Serota represented Serota Properties within the deal.
Aaron Malinsky a associate of BTF Capital, and Kenneth Schuckman, President of Schuckman Realty, supplied consulting companies on each side of the transaction.
All 4 facilities are solely leased by Schuckman Realty on behalf of Regency Facilities.
“The Lengthy Island commerce space has been a recession-resistant market confirmed to resist the check of time,” stated Schuckman. “The final couple of years have demonstrated the significance of facilities like these, in addition to their resilient connection to the encompassing communities.”
The Wading River industrial website, sitting on practically 14 acres with 99,118 sq. ft of house, is 82% leased, in response to Regency Facilities. There are three suites out there, starting from 1,200 sq. ft to 4,960 sq. ft, Schuckman Realty’s listing says. Tenants embody King Kullen, CVS, Ace {Hardware}, Lecturers Federal Credit score Union, Folks’s United Financial institution, Verizon and extra.
In the meantime, Eastport Plaza at 5-25 Eastport Manor Road, is 97% leased. The out there suite gives 1,280-square-feet. The 6.87-acre property holds a forty five,466-square-foot retail heart. Along with the King Kullen, tenants embody RiteAid, Michelangelo Pizzeria and Restaurant, Eastport Plaza Delicatessen, Suffolk Federal Credit score Union, amongst others.
East Meadow Mall, also referred to as Stew Leonard’s Plaza, on Entrance Road in East Meadow, is 92% leased and has 5 retail spots totaling 9,785 sq. ft presently out there. Except for the Marshall’s and Stew Leonard’s, the procuring heart hosts Membership Pilates, My Salon Suites, Angel Nails Day Spa, Nice Clips, Taco King, and others.
The King Kullen Purchasing Middle, on Merrick Street in Valley Stream, is 98% leased with one 2,175-square-foot house out there. The middle’s tenants additionally embody Pet Provides Plus, Baskin Robbins/Dunkin, Jenny Craig, Angel Tip Nails, Roslyn Financial savings Financial institution, Popeyes Louisiana Rooster, GameStop, Playing cards for Much less, Broadway Optics, and a number of other others.
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-With Briana Bonfiglio
This story first appeared on BehindTheHedges.com.
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