Lake Grove shopping center sells for $48M

A Lake Grove shopping center, anchored by a Designer Shoe Warehouse, has changed hands in a $48 million sale, a real estate firm said.

The property, DSW Plaza, is on Middle Country Road across the street from Smith Haven Mall.

The seller was Centro Properties, and the new buyer is Prestige Properties, of Manhattan.

The broker was Cushman & Wakefield.

The property is 251,222 square feet, with other retail tenants including Toys R Us, Staples, Michael’s Crafts, Golfsmith, Tuesday Morning, Lenscrafters and a Houlihan’s restaurant.

“Retail investment opportunities have been scarce throughout the tri-state area this year, and even more so on Long Island,” Gary Gable, a Cushman & Wakefield agent, said. “We received a significant number of offers from both public companies and private investors.”

DSW Plaza is fully leased, with nearly half the leases running through 2018, the broker said.

Prestige assumed a $27 million loan at an interest-only rate of 4.75 percent.

The average daily traffic count along Middle Country Road is about 39,000 and the average count on Route 347 nearby is about 47,000, the broker said. Within three miles of DSW Plaza, average household income is $111,272 and median home values are $421,130, the broker said.

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