News: Brokerage

1st Wegmans coming to Long Island

Lake Grove, NY Welco Realty Inc., exclusive agent for DSW Plaza, represented the landlord Prestige Properties and Development Co. in bringing Wegman’s as an anchor to the shopping center. 

Jerry Welkis and Etan Shalem of Welco Realty, Inc. negotiated directly with Wegmans the deal on behalf of Prestige Properties and Development Co. Wegmans was not represented by a Tenant Broker. The store will be approximately 102,000 s/f and will be the first Wegmans store to open in Long Island. The center is strategically located on a very busy east-west commercial artery on Middle Country Rd., and directly across from the  Smith Haven Mall. 

It took over a year and a half for Wegmans to do their full evaluation of the Long Island market and decide that Lake Grove was where they wanted to put their first store.

Sam Shalem, CEO of Prestige Properties said, “We are so excited that we will be able to bring the number one premier supermarket chain in the country to Suffolk County and more specifically Lake Grove, and we are very thankful to the Mayor of Lake Grove, Robert Scottaline, who was also very instrumental in helping bring Wegmans to the town of Lake Grove”.

Wegmans presently operates 106 stores throughout the United States. Their size typically ranges from 100,000 – 120,000 s/f offering consumers by far the best mix of groceries, specialty foods and associated products of any supermarket chain in the country. Typically, people will drive much greater distance to shop at a Wegmans store due to their tremendous merchandise
offering and service. 

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,