Shopping centers evolve and so do the communities around them. With the near completion of the Suffolk Plaza Shopping Center, A.D. Real Estate Investors, Inc. (ADRE) reports an increase in leasing activity at 448-472 and 478-480 Suffolk Ave. "Our investment in this project will yield new options for area businesses and the surrounding community," said Aaron Daniels, vice president of ADRE. With a healthy mix of current tenants and surrounding retail, the available space at Suffolk Plaza is an excellent retail opportunity that is certain to attract new tenants and foot traffic to the centers.
Prior to acquiring the centers, ADRE noticed the decay of the buildings. At the time, this industrial center boasted a few office tenants. Purchasing the site gave ADRE the opportunity to improve the image of the building and Suffolk Ave. Since then, Suffolk Plaza has gone through an extensive renaissance. Utilizing their in-house team of experts to analyze the neighborhood, historical trends, comparable transactions and anticipated regulatory changes, ADRE noted the challenges and possibilities from the start. Built in the early 1970s, the site was comprised of a multi-tenant industrial building with a large floor area. As the Long Island office market improved, new tenants such as a physical therapy medical clinic and a branch office of the Town of Islip began to move in. The growing residential population surrounding the center soon took off and the site started to transition from a purely industrial site to a business center.
After acquiring the site, ADRE worked with the town of Islip to successfully convert the center to meet the current needs of the community. Bringing the site plan up to today's standards was first on the list. The project team worked on a variety of efforts which included upgrading utilities and site drainage, adding a fire sprinkler system and landscaping as well as installing a compactor to replace individual dumpsters to the 448-472 Suffolk Ave. building. In addition, a new facade with channel letter signage was added and a portion of the building was torn down to achieve a better parking ratio. As ADRE began to implement the new site plan improvements, an opportunity arose at the neighboring building located at 478-480 Suffolk Ave. ADRE acquired the building and is in the process of planning similar changes including facade work, relocation of the front loading dock to the rear and beautification of the landscaped area.
"Brentwood is under-served by retail stores and these two properties have adjusted to meet that market need," said Aaron Daniels. He and his project team have been working diligently on the renovation and delivery of this property to the local retail market. With the changing face of the shopping center, new tenants have already started to occupy the space such as T-Mobile, Diamond Beauty Salon, Papa John's Pizza, Well - Care Pharmacy, Blessingdales Discount Home Goods & Supplies and AutoZone. Beginning May 1, approximately 18,000 s/f will become available next to AutoZone. ADRE is currently networking with several national and regional supermarkets to take over the newly available space. "Our goal is to intelligently navigate current market conditions while meeting the needs of the areas we serve," said Adam Daniels, vice president of ADRE, who is also actively involved in the project.
In addition to Suffolk Plaza Shopping Center, A.D. Real Estate Investors, Inc. has plans to build a new shopping center on Suffolk Avenue in Central Islip, Long Island. A.D. Real Estate Investors, Inc. is a family owned and operated company. With commercial properties located in New York City, New Jersey, Nassau and Suffolk Counties, ADRE performs all functions of managing superior shopping centers. Tags: