Regency Centers, a Florida-based real estate investment company that operates shopping centers with grocery stores as anchor tenants across the country, announced that it purchased four properties on Long Island for $130 Million.
The company acquired the portfolio of commercial real estate from Serota Properties in january. According to a press release announcing the acquisition, the combined assets include four grocery-anchored neighborhood centers representing nearly 400,000 square feet of retail in Valley Stream, East Meadow, Wading River, and Eastport.
Jack deVilliers, Senior Vice President and Market Officer, Regency Centers, said that this portfolio of properties is a perfect addition to their footprint in the New York Metro area.
“These are exactly the kinds of opportunities we seek out,” he said.
The properties include:
- 99,000-square foot center anchored by King Kullen in Valley Stream
- 141,000-square foot center anchored by Stew Leonard’s and Marshalls in East Meadow
- 100,000-square foot center anchored by King Kullen in Wading River
- 48,000-square foot center anchored by King Kullen in Eastport
The centers will be exclusively leased by Schuckman Realty on behalf of Regency Centers, bringing their total leasing representation for Regency to six properties.
“The Long Island trade area has been a recession-resistant market proven to withstand the test of time,” said Kenneth Schuckman of Schuckman Realty. “The last couple of years have demonstrated the importance of centers like these, as well as their resilient connection to the surrounding communities.”