Schuckman Realty Facilitates Sale of Long Island Mall Portfolio to Regency Centers for $ 130 Million
– Kenneth R. Schuckman of Schuckman Realty
ROCKVILLE CENTER, NEW YORK, UNITED STATES, January 12, 2022 /EINPresswire.com/ – Regency Centers Corporation announced the acquisition of a portfolio of four properties on Long Island, NY from Serota Properties. Together, these centers represent nearly 400,000 square feet of quality retail in prime market locations, for a total purchase price of $ 130 million and 100% ownership. Regency now owns and operates 30 properties in the greater New York-New Jersey-Long Island shopping area.
“These are exactly the types of opportunities we’re looking for,” said Jack deVilliers, senior vice president and market manager for Regency Centers. “This portfolio is a perfect complement to our growing market presence, and we look forward to bringing our proven expertise to these locations. Serota Properties have been fantastic to work with and well deserve their reputation in the area.
Properties acquired by Regency Centers include Valley Stream in Nassau County: a 99,000-square-foot facility headquartered in King Kullen that is currently 98% leased. East Meadow in Nassau County: a 140,000 square foot facility whose primary tenant is Stew Leonard’s and Marshalls and which is currently 92% leased. Wading River in Suffolk County, whose anchorage is King Kullen and which is 82% leased. Finally, Eastport in the county of Suffolk, whose mainstay is also King Kullen and which is 97% leased.
Regency was represented by Jack deVilliers, Barry Argalas and Greg Kalnit of Regency Centers. Serota Properties was represented by Geoff Serota. Aaron Malinsky, partner of BTF Capital, and Kenneth Schuckman, president of Schuckman Realty, worked alongside Regency Centers providing advisory services on both sides of the transaction.
These centers will be exclusively rented by Schuckman Realty on behalf of Regency Centers, bringing their total rental representation for Regency to six properties.
“The Long Island shopping area has been a recession-resistant market that has been proven to stand the test of time,” said Kenneth R. Schuckman of Schuckman Realty. “The past two years have demonstrated the importance of centers like these, as well as their resilient connection to surrounding communities. “
Regency was represented by Jack deVilliers, Barry Argalas and Greg Kalnit of Regency Centers. Serota Properties was represented by Geoff Serota.
About Regency (NASDAQ: REG)
Regency Centers is the nationwide leading owner, operator and developer of shopping centers located in suburban shopping areas with compelling demographics. Our portfolio includes successful properties marketed with highly productive, premier grocers, restaurants, service providers and retailers who connect to their neighborhoods, communities and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-directed, self-directed and a member of the S&P 500 Index. For more information, please visit RegencyCenters.com.
About Schuckman Realty Inc.
Schuckman Realty is a full-service commercial real estate services company serving New York, Long Island, New Jersey and the surrounding three states. Schuckman Realty Inc.’s investment sales team brings broad and nuanced market knowledge, insight and ingenuity to your portfolio from start to finish. Schuckman Realty offers expertise in determining the best use of a property in terms of value gains for investors, a thorough research and vetting process, access to qualified buyers, and a proven sales and marketing team with a creative approach to maximize value.
Tags: Investment Sales, Real Estate Sales, New York Real Estate, Property Sale, Shopping Mall News, Shopping Malls, Retail News
Long Island shopping centers involved in the transaction