Newswire Mann Report

LI Grocery-Anchored Retail Center Sells for $10.1M

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 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 the New York suburbs is still very high.”

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.