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Commercial
Tri-State

Four LI shopping centers sold for $130M

Florida-based Regency Centers bought hubs from Serota Properties

Regency Centers' Jack deVilliers and 6222 Route 25A in Wading River (Regency Centers, Google Maps)
Regency Centers' Jack deVilliers and 6222 Route 25A in Wading River (Regency Centers, Google Maps)

Serota Properties is saying goodbye to a handful of Long Island shopping centers.

Florida-based Regency Centers picked up four retail hubs for a combined $130 million, Behind the Hedges reported. The shopping centers span a total of 400,000 square feet.

Jack deVilliers, senior vice president and market officer for Regency Centers, called the shopping centers in a statement the types of opportunities the firm has been seeking out.

One of the most prominent retail hubs to change hands was Wading River Commons at 6222 Route 25A, which is anchored by King Kullen. The shopping center was sold for $35 million, making it the priciest commercial deal in the area last year, when it closed, according to Behind the Hedges.

The shopping center spans 99,000 square feet and is 82 percent leased, according to its incoming owner. Other tenants at the 14-acre site include CVS, Ace Hardware and Teachers Federal Credit Union.

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Another shopping center in the deal was Eastport Plaza at 5-25 Eastport Manor Road, which is 97 percent leased. The nearly seven-acre property is also anchored by King Kullen and counts RiteAid among its other tenants.

The other shopping centers in the transaction were a 99,000-square-foot center in Valley Stream also anchored by King Kullen and a 140,000-square-foot center in East Meadow anchored by Stew Leonard’s and Marshalls. Serota Properties was the seller for all four shopping centers.

BTF Capital’s Aaron Malinsky and Schuckman Realty’s Kenneth Schuckman consulted on the deal; Schuckman exclusively leases all four properties. Geoff Serota represented Serota Properties.

The deals expanded Regency Centers’ portfolio to 30 properties in the New York-New Jersey-Long Island area, according to Behind the Hedges. In 2018, the firm bought the 450,000-square-foot Rivertowns Square in Dobbs Ferry from Saber Dobbs Ferry LLC for $69 million, the first Westchester purchase for the Florida company.

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[Behind the Hedges] — Holden Walter-Warner

Tags
Commercial Real EstateLong IslandRetailShopping Centers