Community-focused retail center on Long Island trades
JLL Capital Markets closed the sale of the 34,919-square-foot Hauppauge Plaza in Hauppauge, New York
PHILADELPHIA, March 16, 2023 – JLL Capital Markets announced today that it has closed the sale of Hauppauge Plaza, a 34,919-square-foot, community-focused retail center on Long Island in Hauppauge, New York.
JLL represented the seller, Heidenberg Properties. Serota Properties acquired the asset.
The 100-percent-leased Hauppauge Plaza is anchored by Dollar Tree. Additional tenants include Moe’s Southwest Grill, Duck Donuts, Sola Salon, Ace Plus Cleaners, Jersey Mike’s, Eddie’s Sakura Sushi Matador Cigar Lounge and Mama Sbarro’s Pizzeria. The property features a WALT of 4.4 years.
Hauppauge Plaza is located at 586 Veterans Hwy. on the corner of Wheeler Road (13,000 VPD) and Veterans Memorial Highway (32,000 VPD). The center benefits from a population of over 250,000 and an average household income of over $135,000 within a five-mile radius.
The JLL Capital Markets team was led by Senior Managing Directors Christopher Munley, Jim Galbally and Jose Cruz, Managing Director Colin Behr and Senior Director JB Bruno, along with Senior Managing Director Andrew Scandalios.
According to Heidenberg Properties’ Chief Operating Officer Jason Lazar, “Hauppauge Plaza presented us with the unique opportunity to re-invent a neighborhood center around Dollar Tree as our anchor. When it opened in late 2015, it served as a catalyst for other desirable national and regional operators. The ultimate result was a well-trafficked, high-energy shopping center catering to multiple convenience uses.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Heidenberg Properties
Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the Easter United States. The group is actively seeking new acquisitions and development opportunities. To learn more, visit www.heidenbergproperties.com.
About Serota Properties
For over 50 years, Serota Properties has been a developer of first-class retail, office and residential property in the greater New York metropolitan area. Founded by Nathan L. Serota, in 1952, the company initially began as a builder of residential homes. However, since that initial group of homes built in Seaford L.I. was completed over five decades ago, Serota Properties has evolved into a full service real estate company. Today, Serota Properties is the owner of a complete commercial Real Estate portfolio that runs across multiple property types throughout the East Coast. A seasoned team of real estate professionals are focused on the continued growth and expansion of its founder’s original vision of excellence.