JLL Capital Markets arranges sale of Riverhead Centre in Riverhead, NY

Jose Cruz

 Riverhead, NY, April 24, 2023 – JLL Capital Markets has closed the sale of the nine-building, 395,000-square-foot, grocery-anchored Riverhead Centre on Long Island in Riverhead, Suffolk County, New York.

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.

 

Kevin O’Hearn

“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

 

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

Situated on approximately 50 acres at 1430-1550 Old Country Rd., Riverhead Centre sits at a signalized intersection in the heart of the Riverhead retail corridor with approximately 2,003 feet of frontage along Old Country Road.

 

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

The center is also only one mile from both I-495/LIE and NY State Route 25, accessible by an affluent shopper base in the Hamptons and North Fork.

 

.“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's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization.

 

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 shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. 

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

Jenna.Sharp@jll.com

NewMark Merrill Companies San Diego Division Celebrates 20 Year Anniversary; Portfolio hits $1 Billion in Market Value

 

Sandy Sigal

 San Diego, CA, April 24, 2023 – NewMark Merrill Companies, a Calabasas, California-based retail shopping center owner and development company, announced that May 2023 marks the firm’s 20-year anniversary of when the company opened its San Diego Division office to oversee the San Diego, Riverside and Orange County regions.

 

In 2003, NewMark Merrill’s founder Sandy Sigal partnered with John Hickman (Managing Director) to open and lead the region’s office in Oceanside, California. 

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John Hickman

Highlights of the company’s success with its San Diego Area Office:

 

• The San Diego Division has more than $1 billion in shopping centers under management in San Diego, Riverside and Orange Counties.
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• Operators (owner, manager, leasing) of 33 shopping centers across San Diego County, Orange County and Riverside County encompassing 3.3 million square feet of retail space.

Portfolio of more than 550 shopping center tenants across the San Diego Division portfolio, including Albertsons, Sprouts, Ralphs, Target, Walmart, Marshalls, Nordstrom Rack, PetSmart, ULTA, Dick’s Sporting Goods, Kohl’s, CVS, McDonalds, In-N-Out, Starbucks, and many others.

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• Involved in managing some of the areas most notable shopping centers:  Mission Marketplace in Oceanside, Grand Plaza in San Marcos, Piazza Carmel in Carmel Valley, Terra Nova Plaza in Chula Vista, Nordahl Marketplace in San Marcos, University Square in San Diego, Rancho Bernardo Village in Rancho Bernardo, and El Cajon Town & Country in El Cajon.

Terra Nova Plaza, Chula Vista, CA

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• Recently started construction of Melrose Landing, a two-tenant development leased to Wendy’s and Dutch Bros. in Vista, California
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• Active supporter of several community organizations including Operation Game On which supports combat injured veterans.

“Despite headwinds in the market, key leasing and sales metrics in our San Diego Division portfolio has remained very strong,” said Hickman.

 

 “We are confident that we will meet any industry challenges that might come our way as we remain focused on helping our merchants and properties meet consumer entertainment, dining, retail and services needs.”

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

Nadel Architecture + Planning Names Ryan Weller New Principal

 

Ryan Weller

 

LOS ANGELES, CA, April 24, 2023 –  Nadel Architecture + Planning, Los Angeles’ premier architecture and design firm, has further exemplified its deep commitment to curating a world-class leadership team comprising industry stand-outs by appointing Studio Director of Retail Brand Experience Ryan Weller as a Principal and shareholder in the firm, according to Greg Lyon, Chairman of the Board and Principal at Nadel.

“Ryan’s exceptional track-record of market expansion in executing high-end retail projects has taken Nadel to new heights,” says Lyon.

Greg Lyon

“With over 300 successful projects across the country’s ever-evolving high-end retail market, Ryan is poised to use his proven expertise in brand development and architectural production to continuously grow and evolve Nadel’s respected presence in this sector of design and beyond.

"Through his new leadership role as a Principal and shareholder, he will use his 20 years of industry experience to play a critical role in crafting thoughtful strategy and unified designs that deliver maximum value to our clients and respond to the economic and environmental needs of the communities we serve.”

In his new position, Weller will also continue to execute strategy that drives business development and further deepens the foothold in high-street retail for Nadel, which will mark a milestone 50 years in business this year.

Prior to joining Nadel and establishing the Retail Brand Experience studio in 2020, Weller worked as Director of Retail for Menemsha Architecture where he led a team catered to serving high-end retail and commercial clients.

 

CONTACTS:

Sophia Reznicek / Lexi Astfalk

The Smart Agency, Inc.  

(949) 438-6262 

sreznicek@thesmartagency.com