The 131,000-sf center is anchored by a Stop & Shop supermarket. Other tenants include the Bank of New York, Dress Barn, CVS, Kay Bee, Mandee, GNC and Port Jefferson Cinemas. Also included in the transaction was a 45,000-sf office building leased to Verizon.

Silber Investment Properties was the sole broker on the deal. The brokers were Adam Silber & Anthony Ciafardoni. "These types of properties--large supermarket-anchored, 150,000-sf centers--do not come available on Long Island with much frequency," Ciafardoni tells GlobeSt.com. He says the property was originally on the market for two weeks and that the sellers put it out there as an open listing attracting interest from both local and national players.

Sivan decided to sell to take advantage of the low cap rate environment, notes Ciafardoni. The sale was at a 6.6% cap rate.