 |
| Jose Cruz |
The price was not disclosed.
JLL represented the seller, AFL-CIO
Building Investment Trust advised by PNC Realty Investors, and procured the
buyer, Prestige Properties & Development Company Incorporated.
The JLL Capital Markets Retail Investment Sales
and Advisory Team was led by Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark
Belenky.
“The demand for well-located, grocery-anchored
retail continues to remain strong in the suburban New York Area.
Investors liked Riverhead Centre given the stability of the cash flow as well
as the future upside rent growth,” stated Cruz
Kevin O’Hearn
Built in 2003, the 99-percent-leased property is
highlighted by ShopRite, which replaced a Waldbaums in 2018 and is contracted
under a long-term lease.
The
ShopRite ranks as the most visited grocer in the immediate area (Source: placer.ai).
Riverhead Centre is also anchored by Home Depot, which has been in occupancy at
the Property for 20 years and yields 910,000 annual visits (Source: placer.ai).
Additional notable tenants include Bed Bath
& Beyond, Best Buy, Petco, Michaels, DSW Shoe Warehouse, Famous Footwear,
Barnes & Noble, Ashley Home Store and IHOP.
In
total, 82% of the GLA is occupied by national tenants, and the property
benefits from 9.3 years of remaining WALT. Additionally, the property was
purchased free and clear of any existing financing.
 |
| Michaels |
The property is exposed to an impressive traffic
count of approximately 31,000 vehicles per day, and an average household income
of $153,057 within Suffolk County.
 |
| J.B. Bruno |
.“Prestige Properties specializes in the acquisition, development and management of institutional-quality retail assets,” said CEO of Prestige Properties, Sam Shalem.
“Riverhead
Centre is a great addition to our more than 6.5 million square feet of retail
properties under ownership in the NY, NJ, PA, MA, CT NC and FL markets.”
JLL Capital Markets is a full-service global
provider of capital solutions for real estate investors and occupiers.
 |
| Mark Belenky |
The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on
JLL, please visit our newsroom.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
 |
| Sam Shalem |
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
CONTACT:
Jenna Sharp
JLL, Public Relations
Dallas, Texas
M +1 214 394 3356
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