Originally built in 1972, the property underwent "significant rehab in 1990, was expanded for Best Buy in 1998, and expanded again in 1999 and 2000 for Pets Plus and Staples, respectively," says Ullman. Current anchors are Best Buy, Staples, Sports Authority and Pep Boys. It is 80% occupied, Ullman tells GlobeSt.com.
The property has a first mortgage of $17 million, according to Ullman, who says, "the purchasing partners' respective interests are based on a (total) property valuation of approximately $23 million."
Port Washington, NY-based Brentway Management, an affiliate of Cedar Bay Realty Advisors, which is the administrator for the Cedar REIT and also based in Port Washington, NY will continue to manage the property, Ullman says.
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