LAKE GROVE, N.Y. — Manhattan-based Prestige Properties has purchased a Long Island retail center from Centro Properties for $48 million.
DSW Plaza is a 251,222-square-foot property located on Middle Country Road. It is directly opposite Smith Haven Mall, a 1.4 million-square-foot shopping center and one of Long Island’s primary retail draws. DSW Plaza was fully leased at the time of closing by a tenant roster that includes anchors Toys “R” Us, DSW Shoe Warehouse, Staples and Michaels. Additional tenants include Golfsmith, Tuesday Morning, Lenscrafters and Houlihan’s Restaurant. Approximately half of the center is leased through 2018.
As part of the deal, Prestige assumed $27 million in debt. The mortgage carries an interest rate of 4.75 percent and interest-only payments.
Gary Gabriel, Andrew Merin, David Bernhaut and Jared Zimmel of Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the transaction. The same group was also responsible for arranging the sale of the property to Centro in 2003.
“Retail investment opportunities have been scarce throughout the tri-state area this years, and even more so on Long Island,” Gabriel said. “That being the case, this property’s fantastic location made it a very compelling purchase. We received a significant number of offers from both public companies and private investors.”
— Coleman Wood