Prestige Properties Acquires Riverhead Centre Retail Asset For $71M

Prestige Properties & Development Co has acquired the Riverhead Centre in New York for $71 million. The retail property, located at 1430-1550 Old Country Road in Riverhead, has a total area of 395,000 square feet and is situated in the Riverhead market. The sale price of $71 million corresponds to approximately $180 per square foot.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $71,000,000
• Date: 04/25/2023
• Address: 1430-1550 Old Country Road
• Market: Riverhead
• SF: 395,000
• PPSF: $180

The seller of the Riverhead Centre is the AFL-CIO Building Investment Trust, while the buyer is Prestige Properties & Development Co. The deal was facilitated by brokers Jose Cruz, Kevin O'Hearn, J.B. Bruno, and Mark Belenky from JLL Capital Markets.

The Riverhead Centre is a retail complex that is anchored by ShopRite and Home Depot. The property boasts a variety of tenants, including Best Buy, Ashley Homes Store, Michaels, and DSW Shoe Warehouse. At the time of the sale, the asset was 99% leased, making it an attractive investment for Prestige Properties & Development Co.