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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).