Shopping Center Business

DEC 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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12 • SHOPPING CENTER BUSINESS • December 2016 NEWSLINE JV ACQUIRES SHOPRITE AT BAY SHORE ON LONG ISLAND FOR $30 MILLION A joint venture between Mattone Group LLC and Gartenstein Properties has acquired ShopRite at Bay Shore, a 60,000-square-foot, single-tenant retail property located in the Long Island com- munity of Bay Shore, for $30 million. The property is fully leased to ShopRite. Jeffrey Julien and Jose Cruz of HFF worked on behalf of the seller, G&S; Investors, in the transaction. GREENBERG GIBBONS ACQUIRES MAJORITY INTEREST IN ST. THOMAS SHOPPING CENTER IN OWINGS MILLS Greenberg Gibbons has acquired the majority interest in, and has begun managing St. Thomas Shopping Center, a 104,624-square-foot shopping center located in Owings Mills, Maryland. The property is located adjacent to Foundry Row, and features tenants including Gi- ant Food, Lynne Brick's Women's Health & Fitness, M&T; Bank, Wells Fargo and Starbucks Coffee. Greenberg Gibbons plans to implement cosmetic upgrades and improvements to the center. THE BOULDER GROUP ARRANGES $3.8 MILLION SALE OF SINGLE-TENANT RETAIL PROPERTY IN NEW YORK The Boulder Group has arranged the sale of a single-tenant net-leased Rite Aid prop- erty located at 8230 Cazenovia Road in Manlius, New York. An East Coast-based investor acquired the property from a partnership of high-net-worth individuals for $3.8 million in a 1031 exchange. There are more than 10 years remaining on the lease of the 12,795-square-foot property. The 60,000-square-foot property — located in the Long Island community of Bay Shore — is fully leased to ShopRite grocery store. DLC, DRA ADVISORS ACQUIRE 16 PROPERTY RETAIL PORTFOLIO TOTALING 4.85 MILLION SQUARE FEET A joint venture between Tarrytown, New York-based DLC Management Corp. and New York City-based DRA Advisors LLC has acquired a 16-property retail portfolio totaling 4.85 million square feet in New York and Alabama. The portfolio was acquired from DDR. The acquisition will bring DLC's owned square footage to approximately 21.7 million square feet. The joint venture has plans to redevelop several of the newly acquired centers, and DLC will open a new satellite office in Buffalo, New York, to help facilitate the management of the new properties. Acquired properties include: • Big Flats Consumer Square, 641,222-square-foot retail property located near Arnot Mall in Big Flats, New York. • BJ's Plaza, a 175,965-square-foot retail property located in Hamburg, New York. • Brook Highland Plaza, a 549,466-square-foot retail plaza located in Birmingham, Alabama. • Burlington Plaza, a 179,333-square-foot retail property located in Amherst, New York. • Delaware Consumer Square, a 239,059-square-foot retail property located in Buffalo, New York. • Elmwood Regal Center, a 145,707-square-foot shopping center located in Buffalo, New York. • Freedom Plaza, a 182,059-square-foot shopping center located in Rome, New York. • McKinley Mall Outparcels, an 85,000-square-foot retail property located near McKinley Mall in Hamburg, New York. • McKinley Milestrip Center, a 240,499-square-foot retail property also located near McKinley Mall in Hamburg, New York. • Mohawk Commons, a 530,190-square-foot retail property located in Niskayuna, New York. • Thruway Plaza, a 522,616-square-foot shopping center located in Cheektowaga, New York. • Tops Plaza, a 230,817-square-foot retail property located near Cornell University and Ithaca College in Ithaca, New York. • Tops Plaza, a second 296,527-square-foot shopping center by that name located in Lockport, New York. • Walmart Plaza, a 469,332-square-foot shopping center located in Olean, New York. • Westgate Plaza, a 331,866-square-foot retail center located near Greater Rochester International Airport in Gates, New York. • Williamsville Place, a 102,792-square-foot retail property located in Williamsville, New York. Tenants such as The Home Depot, Walmart, Target, Lowe's, PetSmart, Dick's Sporting Goods, Field & Stream, T.J. Maxx, Old Navy, Petco, Tops Markets, Price Chopper and LA Fitness are located within the portfolio. "The acquisition of this portfolio represents an unparalleled growth opportunity for our firm," says Adam Ifshin, president and CEO of DLC. "It will allow us to deepen our existing relationships and build new ones with national, regional and local retailers." — Katie Sloan

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