Popular Port Washington shopping center Soundview Marketplace has been sold.
New York-based Sagamore Hill Partners and Florida-based PEBB Enterprises announced that they had closed on a purchase of the 188,109-square-foot shopping center from LBUBS 2007-C7 Shore Road LLC through commercial real estate company Transwestern, with the deal coming to fruition on Dec. 18 for an undisclosed price, though a listing on Ten-X shows the starting bid as $3 million.
Built in 1962 and 1977, Soundview Marketplace is comprised of four buildings on nearly 11 acres and has 11 tenants, including Target, TJ Maxx, Walgreens, West Marine, Ace Hardware, Carvel, Subway, and Soundview Cinemas.
According to the listing on Ten-X, Target and TJ Maxx recently signed long-term leases at the center, the former with a remaining term of 8 years or more with 15 years of renewal options and the latter with 11 years or more remaining and 20 years of renewal options.
The purchase marks PEBB Enterprises’ first foray into the New York market.
“Expanding into New York with this acquisition is an incredible way to close out the year,” PEBB Enterprises President and CEO Ian Weiner said in a statement. “This is a particularly exciting asset due to its location, strong anchor tenants and future lease-up potential. PEBB continues to pursue investment opportunities in New York and the broader Northeast market.”
Mark Kaplan, partner and COO of Sagamore Hill Partners, added the new owners plan to implement site improvements with the goal of making the center a top shopping and dining destination.
“With this acquisition, we have the opportunity to complete Soundview Marketplace’s transformation into the area’s top shopping and dining destination,” Kaplan said. “Through site improvements and a focus towards attracting best-in-class operators, we can achieve that goal.”
Transwestern’s John Bell, Jon Kleinberg, and Patrick Heeg of the firm’s Miami, Atlanta and New York offices, respectively, represented the seller.
