Robert Delitsky of Holliday Fenoglio Fowler arranged the adjustable rate financing for property owner Dix Hills, NY-based Wharton Pryce Realty Co. The loan was provided by Bank of New York.
The redevelopment will include the expansion of an existing Waldbaum's supermarket to 57,081 square feet, and approximately 11,700 square feet of retail space. Waldbaum's has been a tenant at the center since 1972. Upon completion, the shopping center will consist of a total of 68,781 square feet.
"The area between Deer Park and Dix Hills is economically strong," says Wharton Pryce principal Dominick Mavellia. "This is an ideal situation for the supermarket to double its store size and improve business."
The shopping center is located on the west side of Deer Park Avenue (Route 231) and Nicolls Road. Deer Park Avenue is a major thoroughfare running from the north shore to the south shore of eastern Long Island, and is accessible from the Long Island Expressway, the Northern State Parkway, and the Sunrise Highway.
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