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Hudson Hill Snaps Up Somers Shopping Center and Adjacent Parcel
Hudson Hill Partners has acquired a fully occupied retail shopping mall and adjacent development parcel in Somers, NY, within Westchester County, for $2.75 million.
The 10,578-square-foot Lincolndale Village Plaza, at 155 Rte. 202, is a single-story shopping mall with a dozen tenants and sold for a 7.75% cap rate. It also has 60 on-site parking spaces and includes an additional 1.19-acre parcel with development potential.
Hudson Hill plans to upgrade the property through a value improvement plan to enhance the experience for both tenants and shoppers.
“This property, like many community shopping centers, has proven to be highly resilient during the COVID pandemic,” said Hudson Hill managing director Dan Bsharat.
The seller, a local family who owned and developed the mall more than 40 years ago, was represented by Matthew Torrance, Al Mirin, Bill Eisenhut, and Kate Schwartz of Cushman & Wakefield’s Capital Markets Group.
- ◦Sale/Acquisition
