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Lakeview Plaza Shopping Center – Brewster, NY
Value-Add Community Center Opportunity

RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire Lakeview Plaza Shopping Center (the “Property”), a 177,029-sf grocery-anchored community shopping center located in Brewster, Putnam County, NY. As of September 2018, the Property is 72.6% occupied by an attractive and diverse mixture of local, regional and national tenants.

INVESTMENT HIGHLIGHTS

Value-Add Opportunity – As of the September 2018 rent roll, Lakeview Plaza is 72.6% occupied in a market that has a roughly 3% vacancy rate. This offers investors the opportunity to add value through strategic lease up of the Property.

Good Location – Putnam County features commuter rail service to New York City via two Metro-North lines, the Hudson Line and the Harlem Line. The county is also served by major highways including the Taconic State Parkway, Route 9, Route 6, Interstate 684, Interstate 84, and Route 301. Nearly half of the county’s households earn at least $100k/year, compared to 20% of national households. In fact, the 5-mile average annual household income is $117,837 with is significantly greater than the national average of $71,318.

Recent Anchor Tenant Lease Renewal – Acme Market (25.6% of GLA), the anchor of the property, recently negotiated a long-term lease renewal keeping them at Lakeview Plaza through January 2029. The Property’s second largest tenant, Creative Kids Childcare, also recently negotiated a long-term lease renewal keeping them at the center through August 2030.

The Property is a five-building, two-story grocery-anchored retail center located at 1505-1515 Route 22 in Brewster, Putnam County, NY. Built in 1978 and renovated in 1999, the 177,029 sf improvements are situated on a 23.06-acre site zoned SR-22 (Special Route 22 Area). Parking is sufficient with approximately 908 spaces (5.24 cars / 1,000 sf) servicing the center. The Property is currently anchored by ACME Market (45,366 sf; exp. 1/31/29). Junior anchors include Rite-Aid (11,115 sf; exp. 2/21/19) and Creative Kids Childcare (15,569 sf; exp. 8/31/30).
 

 

 

 

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Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Lakeview Plaza Shopping Center

1505 - 1515 Route 22, Brewster, NY 10509

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Current Bid:
Starting Bid:

Asset Snapshot

  • Asset Type
  • Real Estate
  •  
  • Retail Type
  • Community Center
  • Anchor
  • Yes
  • Anchor Tenant(s)
  • ACME Market
  • Property Size
  • 177,029 Sq Ft
  • Land Area
  • 23.06 Acres
  • Year Built
  • 1978
  • Year Renovated
  • 1999
  • Number of Buildings
  • 5
  • Parking Count
  • 908
  • Occupancy
  • 72.56%
  • Occupancy as of
  • Sep 30, 2018
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Auctioneer

    1. Ralph Passono, Jr.

      c/o Fisher Auction Company Inc.

      License: #1

      Co.:10311203946