Sterling Org. Expands Grocery-Anchored Portfolio
- Sep 29, 2017
Shortly after purchasing Palm Valley Marketplace in Phoenix, Ariz., Sterling Org. has acquired Huntington Square Plaza, a fully occupied grocery-anchored shopping center in Huntington, N.Y. The firm bought the property through its institutional core fund Sterling United Properties I.
The 126,000-square-foot asset occupies 10.9 acres and was built in 2002. National retailers Stop & Shop and Best Buy anchor the property, with both leases expiring in 2023.
Highly transited area
Huntington Square Plaza is located at 3124 Jericho Tpke. (Route 25), in Huntington’s East Northport area. Due to its ideal positioning along one of Suffolk County’s most highly transited retail corridors, the shopping center is exposed to more than 40,500 vehicles per day. Additionally, the property is 30 miles west of New York City.
HFF Investment Sales Team Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and Senior Directors Stephen Simonelli and Michael Oliver represented the seller in the transaction.
“We are excited to have had the opportunity to make this investment, which is our first on Long Island,” said Sterling Org. Senior Managing Director of Investments and Portfolio Management Ed Senenman, in a prepared statement. “Huntington Square Plaza is anchored by two solidly performing retailers on long-term leases, characteristics that fit the investment profile for SUP I.”
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