News:
Brokerage
Posted: September 21, 2021
Hudson Hill Partners Acquires Somers Strip Shopping Mall & Development Site
White Plains, NY - According to Hudson Hill Partners, a real estate investment firm, they have purchased a fully occupied retail shopping mall and adjacent development parcel in Somers, in Westchester County for $2.75 million.
The "Lincolndale Village Plaza," at 155 Rte. 202, is a single-story shopping mall with a dozen tenants that include a pizzeria, nail salon, pharmacy, chiropractor, kitchen design shop, diner, catering company, foot spa, wine store, dog groomer and others.
The 10,578 s/f property on 1.59-acres sold for a 7.75% cap rate. It also has 60 on-site parking spaces and includes an additional 1.19-acre parcel with development potential.
Hudson plans to upgrade the property through a value improvement plan to enhance the experience for both tenants and shoppers. "This property, like many community shopping centers, have proven to be highly resilient during the COVID pandemic and have also shown to be “Amazon-proof” as they offer essential, everyday products and services to residents nearby, "said Hudson Hill Partners managing director Dan Bsharat. "The high barrier to entry for new retail construction in this area also makes this asset highly defensible."
According to Hudson Hill, the property is very well located at a busy intersection, within minutes of several schools and nearby residential developments that include: The Preserve, Green Briar and Twin Knolls.
Somers is a 33-square mile town located in northern Westchester County and has a population of 22,000 with an average annual household income of $144,633.
The seller, a local family who owned and developed the mall over 40 years ago, was represented by Matthew Torrance, Al Mirin, Bill Eisenhut, and Kate Schwartz of Cushman & Wakefield's Capital Markets Group
Tags:
Brokerage
MORE FROM Brokerage
Dogtopia joins growing tenant mix at Brunswick Shopping Center
North Brunswick, NJ Dogtopia, a leading provider of dog daycare, boarding and spa services, has signed a lease to open a new 5,081 s/f location at Brunswick Shopping Center. The new location further
Columns and Thought Leadership
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,
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi
Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron
When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
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
.gif)