Riverhead Centre. Picture courtesy of JLL
Status Properties & Growth Co. has bought Riverhead Middle, a 395,000-square-foot grocery-anchored retail middle in Riverhead, N.Y. AFL-CIO Constructing Funding Belief was the vendor. The property traded for $71 million, in accordance with CommercialEdge.
ShopRite and Residence Depot anchor the property, with the latter being a tenant on the property for 20 years now. The retail middle has a various mixture of tenants together with Barnes & Nobles, Finest Purchase, Well-known Footwear, IHOP, Mattress Tub & Past, Michaels, Ashley Houses Retailer, Petco, Chase Financial institution and DSW Shoe Warehouse. The property was 99 p.c leased on the time of the sale and purchased freed from present loans.
Accomplished in 2003, the purchasing middle incorporates 9 buildings unfold throughout a 50-acre web site. The grocery-anchored middle in situated at 1430-1550 Previous Nation Street, in Lengthy Island’s Calverton-Riverhead submarket. Riverhead Middle is located close to Interstate 495 and Route 25, in an county with a median family revenue of $153,057. The each day visitors rely reaches roughly 31,000 automobiles, in accordance with JLL.
A JLL Capital Markets workforce led by Senior Managing Administrators Jose Cruz and Kevin O’Hearn, Director J.B. Bruno and Affiliate Mark Belenky procured the customer and labored on behalf of the vendor. PNC Realty Buyers suggested AFL-CIO.
