Regency Centers buys four Long Island retail centers for $130 million (Courtesy of the Jacksonville Business Journal) — Regency Centers Corp. has purchased four retail centers on Long Island from Serota Properties for $130 million.
The Jacksonville, Florida-based shopping center owner and real estate investment trust (Nasdaq: REG) said the four centers, which total nearly 400,000 square feet, include:
- The Valley Stream in Nassau County, a 99,000-square foot center anchored by King Kullen that is currently 98% leased.
- East Meadow in Nassau County, a 140,000-square foot center anchored by Stew Leonard’s and Marshalls that is currently 92% leased.
- Wading River in Suffolk County, which is anchored by King Kullen and is 82% leased.
- Eastport in Suffolk County, which is also anchored by King Kullen and is 97% leased.
Regency said it 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. This portfolio is a perfect addition to our expanding footprint in the market, and we look forward to bringing our time-tested expertise to these locations,” said Jack deVilliers, senior vice president and market officer for Regency Centers, in a statement.
In the deal, Regency said it was represented by Jack deVilliers, Barry Argalas, and Greg Kalnit of Regency Centers. Serota Properties was represented by Geoff Serot
The four centers will be leased by Schuckman Realty on behalf of Regency Centers.
Regency Centers said it owns 402 centers totaling more than 54 million square feet of retail space nationwide.
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