FOR IMMEDIATE RELEASE: Schuckman Realty Arranges $130 Million Sale of Portfolio of Long Island Shopping Centers
Kenneth Schuckman, President & CEO of Schuckman Realty along with Aaron Malinsky of BTF Capital has arranged the sale of a portfolio of four grocery anchored neighborhood retail assets totaling approximately 400,000 square feet on Long Island, New York. All four properties sold for a total of $130 Million.
The purchaser, Regency Centers Corporation was represented by Jack deVilliers, Barry Argalas, and Greg Kalnit of Regency Centers. Serota Properties was the seller and was represented by Geoff Serota.
Regency now owns and operates 30 properties in the greater New York-New Jersey-Long Island trade area.
The properties are in East Meadow and Valley Stream in Nassau County and Wading River and Eastport in Suffolk County and are anchored by three King Kullen Supermarkets and one Stew Leonard’s. Collectively, the properties are 92 percent leased. Schuckman Realty will be exclusively leasing any remaining space in the four shopping centers.
“The Long Island trade area has long been a recession-resistant market that has proven to withstand the test of time,” says Kenneth R. Schuckman of Schuckman Realty. “The pandemic induced migration back to the suburbs has demonstrated that the suburban shopping center is here to stay.”
BTF Capital Fund LLC worked alongside of Schuckman Realty in providing development consulting services on both sides of the transaction. Aaron Malinsky, partner at BTF Capital with decades of grocery operational experience as well a seasoned shopping center developer, consulted on value-add opportunities on each of the assets.
The properties involved in the sale are as follows:
VALLEY STREAM PLAZA
201-231 W Merrick Road King Kullen Shopping Center
Address: 207-225 Merrick Rd
City State Zip: Valley Stream, NY 11580
Total SF: 93,567
Sale Price: $48,000,000
WADING RIVER COMMONS
Address: 6225-6277 Route 25A
City, State, Zip: Wading River, NY 11792
Total SF: 99,118
Sale Price: $35,000,000
Address: 5 Eastport Manor Rd.
City, State, Zip: Eastport, NY 11941
Total SF: 47,637
Sale Price: $9,000,000
EAST MEADOW MALL
Address: 1897 Front Street.
City, State, Zip: East Meadow, NY 11554
Total SF: 151,172 SF
Sale Price: $38,000,000
About Schuckman Realty Inc.: Schuckman Realty is a full service commercial real estate services firm serving New York City, Long Island, New Jersey, and the surrounding tri-state area. The Investment Sales team at Schuckman Realty Inc. brings vast and nuanced market knowledge, insight, and ingenuity to your portfolio from inception to completion. Schuckman Realty offers expertise in determining a property’s best use in terms of value gains to investors, extensive research and vetting process, access to qualified buyers and a proven sales & marketing team with a creative approach to maximize value.
Keywords: Investment Sales, Real Estate Sales, New York Real Estate, Property Sale, Shopping Center News, Shopping Centers, Retail News