Prestige Properties Buys Incorporated Riverhead Centre in Suffolk
AFL-CIO Building Investment Trust has sold Incorporated Riverhead Centre, a grocery-anchored retail property in Riverhead, Suffolk County, New York, to Prestige Properties & Development Company.
The property, which consists of nine buildings and spans 395,000 square feet, is 99% leased and features national tenants such as ShopRite, Home Depot, Bed Bath & Beyond, Best Buy, Petco, Michaels, DSW Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store, and IHOP. The property has 9.3 years of remaining WALT and was purchased without any existing financing.
The JLL Capital Markets Retail Investment Sales and Advisory Team was led by Jose Cruz, Kevin O’Hearn, J.B. Bruno, and Mark Belenky. “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.