Westrock Development, in conjunction with Koenig Management of New City, acquired the Rockland County-based shopping center from Michael Silberberg of Patriot Square Commons LLC. The deal marks Westrock's entrance into Rockland County. The firm, founded in 2001, has invested approximately $15 million to purchase six properties in excess of 300,000 sf of commercial, retail and industrial space in New York and Connecticut.
The Patriot Square Mall, located at 32 South Liberty Place (Route 9W), sits on five acres of land and has space for 15 tenants. The shopping center is anchored by CVS and the Bank of New York and has leases with 12 other tenants. Since taking ownership recently, the investment group has rented space to Mister Softee Ice Cream and Pasta Cucina.
Jeff Koenig, a partner in Koenig Management, notes that the Rockland County store is the ice cream retailer's first in New York State. "This is a test market for them as they consider moving more into the franchise business," he says. The Stony Point Pasta Cucina is the restaurateur's third location in Rockland County.
Commenting on the deal, Michael Friedland, a partner in Westrock Development, says, "Patriot Square fits into our business plan. Westrock Development seeks properties where we can bring our business acumen to add value. Patriot Square, for example, has never been fully rented and now, with the leasing of two stores, we have only a 1,000-sf store available."
The shopping center was originally developed in the 1960s.
He adds that the firm expects to secure a tenant for the remaining space in the near future and that Westrock is actively looking in its market area of New York and Connecticut for additional properties to acquire that "meet our criteria."
Westrock Development is a partnership of veteran area commercial and retail broker Robert Friedland, the founder of Friedland Realty of Yonkers, and his sons, Michael, a financial analyst and Jason, a former investment banker with Bear Stearns. Also a partner in the venture is Steve Corrigan, who has 15 years experience in real estate in the tri-state area.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
