The AFL-CIO Building Investment Trust has sold Incorporated Riverhead Centre, a grocery-anchored retail property in Riverhead, Suffolk County, New York to Prestige Properties & Development Company. The 395,000 square foot property is 99% leased and features national tenants such as ShopRite, Home Depot, Bed Bath & Beyond and more. With 9.3 years of remaining WALT (weighted average lease term), the purchase was made without any existing financing.
Led by Jose Cruz along with Kevin O’Hearn , JB Bruno and Mark Belenky from the JLL Capital Markets Retail Investment Sales team , this sale demonstrates strong demand for well-located grocery anchored retail properties in suburban New York areas due to their stability of cash flow as well as potential for rent growth . Cruz commented that “Investors liked Riverhead Centre given the stability of the cash flow as well as future upside rent growth.”
