Grocery-anchored retail center on Long Island sells for $10.1M

NEW YORK, June 8, 2021 – JLL Capital Markets announced today that it has closed the $10.1 million sale of East Northport Shopping Center, a 42,215-square-foot shopping center anchored by IGA grocery store in the affluent and infill neighborhood of East Northport, Long Island, New York.

JLL marketed the property on behalf of a private company. An affiliate of Paragon Realty Group LLC of Westport, Conn., purchased the asset.

East Northport Shopping Center was completed in phases in 1953 and 1975 and most recently renovated in 2018. The 90%-leased center features an IGA along with Family Dollar, Visionworks, Filetto’s Pizza and more.

The JLL Capital Markets team representing the sellers was led by Steve Simonelli, Jose Cruz, Kevin O’Hearn and Michael Oliver along with Andrew Scandalios.

“The center’s strong performance throughout the pandemic is a testament to the quality of the tenancy and the Long Island retail market,” Simonelli said. “Investor demand for well-located retail centers in New York suburbs is still very high.”

JLL’s recently released U.S. Grocery Tracker 2021 report details how investors continue to favor grocery-anchored retail centers under 100,000 square feet. JLL anticipates that, along with single-tenant grocery outlets, properties like East Northport Shopping Center will be one of the most sought-after asset classes during the recovery.

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 sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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