CARLE PLACE, NY-Shopping center Voice Road Plaza was purchased by a New York-based hedge fund, which is managed by Stillwater Capital and operating partners Reuven Kahane & Ian Deutsch of Voice Road JV LLC. Rochester-based First Allied Corp. was the owner of the 130,000 sf property which sold for $35.4 million.
The property is located just two blocks from Roosevelt Field Mall, the fifth largest mall in the US. The major tenants include Big Lots, Staples, Bass Shoes and Party City.
Reuven Kahane and Ian Deutsch, based in San Francisco and Oakland, CA, departed from their typical West Coast focus with the purchase of this property. They have had a role in purchasing more than 20 grocery-anchored properties over about the last two year.
"We have been so active acquiring primarily West Coast shopping centers that we feel very fortunate to have found such a wonderful opportunity here on Long Island," says Deutsch, in a statement.
First Allied purchased the property in October 2003 for $30.5 million from Kimco Realty Corp.
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