Today, Regency Centers announced the acquisition of a four-property portfolio on Long Island, NY from Serota Properties for a total purchase price of $130 million and 100% ownership. Combined, these four grocery-anchored neighborhood centers represent nearly 400,000 square feet of quality retail in premier locations. Regency now owns and operates 30 properties in the greater New York-New Jersey-Long Island trade area.
These are exactly the kinds of opportunities we seek out,” said Jack deVilliers, Senior Vice President and Market Officer, Regency Centers. “This portfolio is a perfect addition to our expanding footprint in the New York Metro area, and we look forward to bringing our time-tested expertise to these locations. Serota Properties has been fantastic to work with, and are well-deserving of their reputation in the region.
The properties acquired by Regency Centers include:
Wading River in Suffolk County: a 100,000-square foot center anchored by King Kullen, currently 82% leased
Eastport in Suffolk County: a 48,000-square foot center anchored by King Kullen, currently 97% leased
Aaron Malinsky, a partner of BTF Capital, and Kenneth Schuckman, President of Schuckman Realty, worked alongside Regency Centers providing consulting services on both sides of the transaction. These centers will be exclusively leased by Schuckman Realty on behalf of Regency Centers, bringing their total leasing representation for Regency to six properties.
The Long Island trade area has been a recession-resistant market proven to withstand the test of time,” said Kenneth Schuckman of Schuckman Realty. “The last couple of years have demonstrated the importance of centers like these, as well as their resilient connection to the surrounding communities.