Peekskill Shopping Center Sold for $2.3 Mill

LARCHMONT, NY-HarborView Properties of Larchmont announces that it has sold the Hampton Oaks Shopping Center in Peekskill for $2.3 million to Great Neck, NY-based New Brunswick Office Investors. The shopping center totals 44,000 sf of retail space, consisting of 14 retail stores on three acres and is anchored by Save-A-Lot Supermarket and Family Dollar Stores.

The Hamtpon Oaks Shopping Center is effectively 100% leased, according to Dale Kauftiel, a principal of HarborView Properties. The broker in the transaction was Advance Realty Services of Great Neck, which has taken over management responsibilities of the shopping center.

Kauftiel relates that the shopping center was built in the late 1960s and enlarged in 1990. An investment fund controlled by HarborView Properties acquired the shopping center in 1997, several years after an IGA supermarket shut its doors. The firm took over a property that was 70% vacant and signed on the two anchor tenants as well as some other smaller tenants in the last few years.

“We were able to redevelop the property as a true convenience/discount center,” Kauftiel notes.

HarborView Properties officials say the company is seeking to reinvest capital into other real estate projects, specifically multi-family apartments in the greater New York metropolitan area and points north.