{"id":1004658907,"date":"2023-04-25T23:42:08","date_gmt":"2023-04-26T07:42:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004658907"},"modified":"2023-04-26T04:18:25","modified_gmt":"2023-04-26T12:18:25","slug":"prestige-properties-pays-71m-for-long-island-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prestige-properties-pays-71m-for-long-island-retail-center\/","title":{"rendered":"Prestige Properties Pays $71M for Long Island Retail Center"},"content":{"rendered":"<div id=\"attachment_1004658909\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/riverhead-centre-teaser-e1682414390286.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004658909\" data-attachment-id=\"1004658909\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prestige-properties-pays-71m-for-long-island-retail-center\/riverhead-centre-teaser\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/riverhead-centre-teaser-e1682414390286.png\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Riverhead Centre\" data-image-description=\"&lt;p&gt;Riverhead Centre. Image courtesy of JLL&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Riverhead Centre. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/riverhead-centre-teaser-e1682414390286.png?w=800\" class=\"wp-image-1004658909 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/riverhead-centre-teaser-e1682414390286.png?w=300\" alt=\"Riverhead Centre. Image courtesy of JLL\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/riverhead-centre-teaser-e1682414390286.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/riverhead-centre-teaser-e1682414390286.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/riverhead-centre-teaser-e1682414390286.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004658909\" class=\"wp-caption-text\">Riverhead Centre. <em>Image courtesy of JLL<\/em><\/p><\/div>\n<p><strong>Prestige Properties &amp; Development Co. <\/strong>has purchased Riverhead Centre, a 395,000-square-foot grocery-anchored <a href=\"https:\/\/www.commercialsearch.com\/news\/whats-next-for-experiential-retail\/\">retail center<\/a> in Riverhead, N.Y. <strong>AFL-CIO Building Investment Trust<\/strong> was the seller. The property traded for $71 million, according to CommercialEdge.<\/p>\n<p>ShopRite and Home Depot anchor the property, with the latter being its tenant for two decades now. The retail center has a diverse mix of tenants including Barnes &amp; Nobles, Best Buy, Famous Footwear, IHOP, <a href=\"https:\/\/www.commercialsearch.com\/news\/bed-bath-beyonds-bankruptcy-raises-questions-about-stores-future\/\">Bed Bath &amp; Beyond<\/a>, Michaels, Ashley Homes Store, Petco, Chase Bank and DSW Shoe Warehouse. The asset was 99 percent leased at the time of the sale and acquired free of existing loans.<\/p>\n<p>Completed in 2003, the shopping center incorporates nine buildings spread across a 50-acre site. The grocery-anchored property is located at 1430-1550 Old Country Road, in Long Island\u2019s Calverton-Riverhead submarket. Riverhead Centre is situated near Interstate 495 and Route 25, in a county with an average household income of $153,057. The daily traffic count reaches approximately 31,000 vehicles, according to JLL.<\/p>\n<p>A <strong>JLL Capital Markets<\/strong> team led by Senior Managing Directors Jose Cruz and Kevin O\u2019Hearn, Director J.B. Bruno and Associate Mark Belenky procured the buyer and worked on behalf of the seller. <strong>PNC Realty Investors<\/strong> advised AFL-CIO.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ShopRite and Home Depot anchor the shopping mall.<\/p>\n","protected":false},"author":3014,"featured_media":1004658909,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21749],"tags":[39060,32796,33270,33527],"class_list":["post-1004658907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-afl-cio-housing-investment-trust","tag-jll","tag-jose-cruz","tag-prestige-properties-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prestige Properties Pays $71M for Long Island Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Prestige Properties &amp; Development Co. Inc. has purchased a 395,000-square-foot grocery-anchored retail center in Riverhead, N.Y.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prestige-properties-pays-71m-for-long-island-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prestige Properties Pays $71M for Long Island Retail Center\" \/>\n<meta property=\"og:description\" content=\"Prestige Properties &amp; Development Co. 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