The priciest among the new assets is the 220,631-sf Gardiner Manor Mall in Bay Shore, NY, which cost $65.2 million, or $296 per sf. A King Kullen supermarket, Linens 'n Things, Old Navy, Staples and Michaels are among the 16 tenants in the center, one of two Long Island properties acquired.
Home Depot, Target and Price Chopper are the largest of 19 tenants at the 438,097-sf Wilton Square center in Saratoga Springs, NY, north of Albany. Inland Western Retail Real Estate is paying $47.1 million for that property.
In Poughkeepsie, NY, the price is $42.6 million for the 246,366-sf Mid-Hudson Center, or $173 per sf. Home Depot also is an anchor tenant there, along with a Stop & Shop. Also acquired was a 74,170-sf Crown Theater in Hartford, CT for $17 million and 61,639-sf Bed Bath & Beyond Plaza in Westbury, NY for $16.6 million.
Although Inland Western Retail Real Estate paid cash for the properties, it immediately used them as collateral along with two other assets previously acquired from Ceruzzi for a $232.4-million mortgage at a 4.18% initial interest rate, according to a filing by the REIT with the Securities and Exchange Commission.
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