Regency Comes to LI with $73M Shopping Center Buy

LAKE GROVE, NY-Regency Shopping Centers has made its first crossing of the Hudson River to the west and Long Island Sound to the north with its $72.5-million acquisition of Lake Grove Commons. The Jacksonville, FL-based retail owner/developer paid approximately $513 per square foot for the 141,382-square-foot community shopping center in partnership with First Washington Realty Inc.

Located near the 1.2-million-square-foot Smith Haven Mall, Lake Grove Commons includes the only Whole Foods Market in Suffolk County, along with L.A. Fitness, Petco. Scott Porter, senior manager of acquisitions at Regency, tells GlobeSt.com the company is “looking to deploy additional capital in the market and is activity seeking market opportunities.” The deal marks Regency’s first in New York State generally and Long Island in particular.