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MAHOPAC, NY-A major shopping center in Putnam County has changed hands. The Lake Plaza Shopping Center, a 136,000-sf complex on Route 6 here has been sold to a Long Island-based investor for $7.7 million.

Lee Spiegelman, managing director of Split Rock Capital of New York City, reported the sales deal. Split Rock arranged the first mortgage financing for the buyer Lake Plaza Associates LLC of Long Island. The financing was placed with a New York City-based savings bank, Spiegelman says. The seller of the complex, which first opened in the late 1970s, was Mahopac Associates.

The complex features a 78,000-sf Kmart store (a former Caldor location) and a 25,000-sf Key Food supermarket as its anchor tenants along with an 8,000-sf CVS drug store location. Lake Plaza Shopping Center also features a McDonald’s Express restaurant and another eight or nine smaller tenants, Spiegelman says.

The complex has been at or near full occupancy since its opening almost 30 years ago. Due to the limited amount of available land and limited retail product in the region, Spiegelman says the property should be a good investment in the long term.

“Basically it is a core asset for the investor and should provide some good upside potential over the years,” he relates.

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