Riverhead retail center trades for $71M

A grocery-anchored shopping center in Riverhead has been sold. 

Prestige Properties & Development purchased the 395,000-square-foot Riverhead Centre on 50 acres at 1430-1550 Old Country Road. 

The price was not disclosed, but real estate sources said it sold for $71 million. 

Built in 2003, Riverhead Centre is 99 percent occupied and anchored by ShopRite, which took the space formerly occupied by Waldbaums in 2018. Other tenants include Home Depot, Bed Bath & Beyond, Best Buy, Petco, Michaels, DSW Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP. 

“Prestige Properties specializes in the acquisition, development and management of institutional-quality retail assets,” Sam Shalem, CEO of Prestige Properties, said in a written statement. “Riverhead Centre is a great addition to our more than 6.5 million square feet of retail properties under ownership in the New York, New Jersey, Pennsylvania, Massachusetts, Connecticut, North Carolina and Florida markets.” 

On Long Island, Prestige Properties also owns the 208,000-square-foot DSW Plaza Shopping Center in Lake Grove. Prestige sold 8.5 acres of the 28-acre Lake Grove center to Rochester-based Wegman Food Markets, where the grocery chain will be building a 100,000-square-foot store, its first Long Island location. 

Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky of JLL procured the buyer and represented the seller, AFL-CIO Building Investment Trust, in the Riverhead sales transaction. 

“The demand for well-located, grocery-anchored retail continues to remain strong in the suburban New York area,” Cruz said in the statement. “Investors liked Riverhead Centre given the stability of the cash flow as well as the future upside rent growth.” 

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