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Acquired in August 2020, ShopRite is a 60,896 SF single-tenant, freestanding grocer located in the Long Island suburb of Uniondale, NY. Positioned strategically to benefit from the area’s immense population, ShopRite is a local favorite for essential needs shopping center that also draws traffic from across the area. Our team immediately saw the value of this center and its strategic location. We also recognized it as a major risk-averse property investors were really looking for at a time of increasing volatility.
Working with the tenant to implement multiple value-add initiatives, we also benefited from contractural rent increases, which were low relative to ShopRite’s strong sales. All of this raised the value of this exceptional center to attract an unsolicited buyer to approach us about the property. Our team was able to successfully sell ShopRite at the market rate for $24,750,000, over $5M more than when we purchased ShopRite below market value.
Be sure to learn more about this deal in our ShopRite case study.
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