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Wiz Shopping Center in Long Island Sells for $38.3M

LAKE GROVE, NY-An affiliate of Archon Group bought the 251,955-sf Nobody Beats the Wiz Plaza, located here in this New York City suburb, from Investcorp for $38.3 million. The property was more than 86% leased at the time of the sale.

By Diana M. Rodriguez | Updated on June 16, 2003

LAKE GROVE, NY-As part of its ongoing bankruptcy proceedings, The Wiz retail locations throughout the tri-state area are continuing to close up shop. As such, Investcorp, a global investment group, has sold Nobody Beats the Wiz Plaza here to an affiliate of Archon Group for $38.3 million.

The sale, which was done in partnership with Crow Holdings of Dallas, includes the entire 251,955-sf shopping center, which Crow and Investcorp originally acquired in March 1999. Other tenants at the property include Staples, PETCO Animal Supplies, Super Stop & Shop and Michael’s Arts and Crafts. Two out-parcel tenants, Bally’s Total Fitness and Houlihan’s, are also part of the complex.

The Long Island property, which was built in 1986, was 86.3% leased at the time of the sale. The center most recently underwent a renovation in 1996 when additional space was added.

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