Prestige Properties Pays $71M for Long Island Retail Center

Riverhead Centre. Image courtesy of JLL

Prestige Properties & Development Co. has purchased Riverhead Centre, a 395,000-square-foot grocery-anchored retail center in Riverhead, N.Y. AFL-CIO Building Investment Trust was the seller. The property traded for $71 million, according to CommercialEdge.

ShopRite and Home Depot anchor the property, with the latter being its tenant for two decades now. The retail center has a diverse mix of tenants including Barnes & Nobles, Best Buy, Famous Footwear, IHOP, Bed Bath & Beyond, Michaels, Ashley Homes Store, Petco, Chase Bank and DSW Shoe Warehouse. The asset was 99 percent leased at the time of the sale and acquired free of existing loans.

Completed in 2003, the shopping center incorporates nine buildings spread across a 50-acre site. The grocery-anchored property is located at 1430-1550 Old Country Road, in Long Island’s Calverton-Riverhead submarket. Riverhead Centre is situated near Interstate 495 and Route 25, in a county with an average household income of $153,057. The daily traffic count reaches approximately 31,000 vehicles, according to JLL.

A JLL Capital Markets team led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Director J.B. Bruno and Associate Mark Belenky procured the buyer and worked on behalf of the seller. PNC Realty Investors advised AFL-CIO.