Serota Properties Sells Four LI Shopping Centers For $130M

VALLEY STREAM, NY – Serota Properties sold four shopping centers on Long Island at $130 million to Regency Centers on Wednesday.

The shopping centers are East Meadow Mall on Front Street, Eastport Plaza on Eastport Manorville Road at Montauk Highway, Valley Stream Plaza on Merrick Road, and Wading River Commons on Route 25 A at Wading River Manorville Road.

With the sale, Jacksonville, Fla.-based Regency Centers acquired 100 percent ownership of the Serota properties that represent a collective 400,000 square feet.

“These are exactly the kinds of opportunities we seek out,” Jack deVilliers, senior vice president and market officer for Regency Centers, said in a statement. “This portfolio is a perfect addition to our expanding footprint in the market, and we look forward to bringing our time-tested expertise to these locations. Serota Properties has been fantastic to work with, and are well-deserving of their reputation in the region.”

While Stew Leonard’s supermarket anchors the East Meadow shopping center, King Kullen markets anchor the other three centers. Among the four properties, the Valley Stream center currently has the highest lease rate at 98 percent, while the Wading River center has the lowest at 82 percent.

The Rockville Centre-based Schuckman Realty will be the exclusive leasing agent representing Regency at the four shopping centers.

“The Long Island trade area has been a recession-resistant market proven to withstand the test of time,” Kenneth Schuckman, president of Schuckman Realty, said in a statement. “The last couple of years have demonstrated the importance of centers like these, as well as their resilient connection to the surrounding communities.”

Prior to Wednesday's sale, Serota owned 29 properties across Nassau County and Suffolk County, according to the firm's website. Regency currently owns and operates 30 properties in the New York, Long Island and New Jersey area.