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LI Shopping Center Changes Hands for $36M

CARLE PLACE, NY-The 131,850-square-foot Voice Road Plaza sells to a 1031 for slightly more than its owner paid in December 2006.

By Paul Bubny | Updated on January 28, 2009

CARLE PLACE, NY-Voice Road Plaza, a 131,850-square-foot shopping center here, has sold for $36.2 million, slightly more than the seller paid for it two years ago. In a release, Sperry Van Ness’ Joseph French calls the transaction “the most difficult sale our team has ever completed.”

Challenges the SVN team faced in selling the 8.3-acre property at 260 Voice Rd. included a declining economy, disappearing liquidity and diminishing consumer confidence. The owner, reportedly a hedge fund managed by Stillwater Capital, “needed an exit strategy” and listed the center in the beginning of the recession.

“The major obstacle was the existing mortgage, which required an assumption,” says French, SVN’s national director of retail, in a release. “Due to its low LTV, a significant amount of capital was required to complete this transaction, which drastically limited the pool of potential buyers.” SVN marketed the property for 10 months and distributed more than 175 sale packages.

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