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A long-held retail property in Lake Grove has sold for $42.2 million.
PRNK1 LLC, an entity owned by a Long Island-based real estate investor, purchased the 88,000-square-foot center on 8.58 acres at 111-145 Alexander Ave.
The acquisition was part of a 1031 exchange.
The property, known as the Smith Grove Shopping Center, is anchored by an ALDI grocery store and is 95 percent occupied. It was built in 1972 by the Bregman family, which has owned the shopping center for the last 50 years.
Raj Whadwa of Global Realty Services USA represented the buyer, while Jeremy Isaacs and Jon Winzelberg of RIPCO Real Estate represented the seller, Condan Enterprises LLC, in the sales transaction.
“This was a rare opportunity to acquire a prime piece of investment real estate that hasn’t changed hands in half a century,” Isaacs said. “The buyer saw the unique opportunity to upgrade the property and hold it for the long term.”
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Image and article originally from libn.com. Read the original article here.