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Blumenfeld Development Group has formed a joint venture with Regency Centers to redevelop the SunVet Mall in Holbrook.
Terms of the deal were not disclosed.
The partnership has signed a Whole Foods Market to serve as the anchor of the property, which is being converted to a 168,000-square-foot open-air shopping center.
The plans include adding two junior anchor tenants and 53,000-square-feet of shops and six outparcels, including a new location for the currently operating Citibank, according to a joint statement.
Last year, Syosset-based BDG signed a 99-year ground lease for the 18-acre retail complex at 5801 Sunrise Highway with plans to redevelop the distressed property.
Built about half a century ago, the Sun Vet Mall has fallen on hard times in recent years. Formerly anchored by a 60,000-square-foot Pathmark supermarket and a 100,000-square-foot Toys-R-Us, the two big-box stores that flank the mall have been vacant for a while. The 110,000-square-foot now vacant interior portion of the mall was once home to 30 retail tenants.
The Holbrook property becomes Jacksonville, Fla.-based Regency’s 11th retail center in the Long Island market, following its $130 million acquisition of four shopping centers from Serota Properties at the end of 2021 and its $30 million purchase of East Meadow Plaza last fall.
“When the Blumenfeld Development Group shared their vision of bringing SunVet back to life as a modern community shopping center, we knew we wanted to be involved,” Rebecca Wing, vice president of investments for Regency Centers, said in the statement. “Regency is committed to delivering on that vision and creating a best-in-class shopping destination that will resonate with the community for many years to come. We can’t wait to share more about our retailer lineup as construction begins later this year.”
Regency Centers will hold the majority interest in its joint venture with BDG and will oversee leasing and operations for the Holbrook complex.
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