ShopOne REIT Acquires Long Island Shopping Center
The $17M sale marks the REIT’s first New York shopping center acquisition.
LONG ISLAND, NY – ShopOne Centers REIT Inc. has acquired the Long-Island shopping center, Hubbard Commons in a $17 million transaction.
The 65,970-square-foot shopping center, is situated at 713-761 Sunrise Highway in West Babylon, New York. The REIT is able to develop an additional 10,900 square feet of space on the existing site.
Hubbard Commons currently hosts a diverse, local and national mix of fitness, restaurant and other tenants, such as Orangetheory Fitness, Rite Aid, Subway and U-Need-A Bagel. The property will be anchored by one of the first Long-Island Lidl locations, which will occupy 36,000 square feet and will open in 2020.
The 98% leased center caters to nearly 150,000 residents within a three-mile radius.
This purchase serves as ShopOne’s first shopping center acquisition in New York. The REIT recently acquired properties in Philadelphia and Washington DC, continuing to grow its nation-wide portfolio in markets along the I-95 corridor.
JLL’s Capital Markets team of Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Andrew Scandalios and Grace Braveman represented the seller in the transaction.
ShopOne Centers REIT Inc. is an owner, operator and manager of grocery-anchored shopping centers.