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NEWBURGH, NY-The Shop Rite Plaza here on North Plank Road has changed hands. The Kempner Corp. of White Plains has sold the 55,156-sf shopping center to a Queens, NY-based private investor engaged in a 1031 Exchange. The shopping center at 88 N. Plank Rd. is anchored by Shop Rite, which occupies 41,676 sf.

The center, which sits on 5.6 acres on Route 32 and Chestnut Lane, is fully leased and includes five other smaller tenants. The complex is located about one mile north of Interstate 84.

Joseph French, managing director and Neil Golub, associate of Sperry Van Ness’ White Plains office represented Kempner Corp., while Charlotte Goldblatt of Paramount Realty represented the buyer. Sperry Van Ness’ Golub says of the deal, “There were many moving pieces to complete this deal and by proactively cooperating with the brokerage community, we were able to identify a 1031 buyer who made their first retail purchase.”

The Shop Rite Plaza was Kempner Corp.’s only Orange County retail holding, although the firm, which has a portfolio of more than one million sf of retail properties, has significant holdings in the New York metro area, according to its company website. Some of its local properties include; Adams Plaza in Milford, CT; CVS Plaza in White Plains; 830 Central Ave. in Scarsdale; Three Main St. in Mount Kisco; New Paltz Plaza and Post Office Plaza in New Paltz; as well as 21 East 47th St. and 1380 Third Ave. in New York City.

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