Grocery-anchored retail center on Long Island sells for $10.1M
JLL Capital Markets arranged the sale of the IGA-anchored shopping center in East Northport
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.
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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Paragon Realty Group LLC
Paragon Realty Group LLC is a private real estate investment, development and management company founded by John A. Nelson, managing principal and Daniel P. Weinreb, principal.\
Affiliates of Paragon presently own and manage over 2,000,000 square feet of investment real estate, with a concentration in the retail sector and the balance in office and mixed-use properties. It is Paragon’s objective to selectively add to its portfolio by acquiring investment opportunities in the northeast, mid-Atlantic, Midwest and southeast regions.