A Florida-based shopping center owner and real estate investment trust made a $35 million purchase on the outskirts of the East End back in December, Suffolk County deed transfers released last week show. It was the priciest commercial deal in the area in 2021.
The commercial real estate trade was part of a $130 million deal for Regency Centers Corp. to purchase four Long Island retail centers with a combined 400,000 square feet of space.
The shopping center real estate giant bought the Wading River Commons at 6222 Route 25A, anchored by King Kullen, on December 30, 2021, under the name Wading River Regency LLC.
In addition to the Wading River property, they also bought another King Kullen shopping center in Eastport, a 99,000-square-foot center in Valley Stream, which is also anchored by a King Kullen, and a 140,000-square-foot center in East Meadow, anchored by a Stew Leonard’s and Marshalls.
The company now owns and operates 30 properties in the greater New York-New Jersey-Long Island area.
“These are exactly the kinds of opportunities we seek out,” Jack deVilliers, Senior Vice President and Market Officer for Regency Centers, said in a statement. “This portfolio is a perfect addition to our expanding footprint in the New York Metro area, and we look forward to bringing our time-tested expertise to these locations.”
All four shopping centers had been owned by Serota Properties, a developer of retail, office and residential property in the greater New York area. In his statement, deVilliers said Serota was “well-deserving of their reputation in the region.” Geoff Serota represented Serota Properties in the deal.
Aaron Malinsky a partner of BTF Capital, and Kenneth Schuckman, President of Schuckman Realty, provided consulting services on both sides of the transaction.
All four centers are exclusively leased by Schuckman Realty on behalf of Regency Centers.
“The Long Island trade area has been a recession-resistant market proven to withstand the test of time,” said Schuckman. “The last couple of years have demonstrated the importance of centers like these, as well as their resilient connection to the surrounding communities.”
The Wading River commercial site, sitting on nearly 14 acres with 99,118 square feet of space, is 82% leased, according to Regency Centers. There are three suites available, ranging from 1,200 square feet to 4,960 square feet, Schuckman Realty’s listing says. Tenants include King Kullen, CVS, Ace Hardware, Teachers Federal Credit Union, People’s United Bank, Verizon and more.
Meanwhile, Eastport Plaza at 5-25 Eastport Manor Road, is 97% leased. The available suite offers 1,280-square-feet. The 6.87-acre property holds a 45,466-square-foot retail center. In addition to the King Kullen, tenants include RiteAid, Michelangelo Pizzeria and Restaurant, Eastport Plaza Delicatessen, Suffolk Federal Credit Union, among others.