MAHOPAC, NY—The Stop & Shop Supermarket Co. has executed a lease to occupy 54,000 square feet at Lake Plaza Shopping Center here. The supermarket will be built from the ground up, replacing the existing 24,000-square-foot Key Food and the 7,800-square-foot CVS. This redevelopment will expand Lake Plaza from 141,000 to over 166,000 square feet.
The property is owned by Heidenberg Properties, a developer and owner of retail properties that specializes in the acquisition and redevelopment of shopping centers.
"This project has been in the planning stages for quite some time and will be transformative," says Robert Heidenberg, president and CEO of Heidenberg Properties. "We purchased this property as a redevelopment opportunity in June 2008 with the intent of adding value through compelling anchor tenants."
Stop & Shop operates 403 stores throughout New York, New Jersey, Massachusetts, Connecticut and Rhode Island, and is one of four regional divisions of Ahold USA.
The Stop & Shop lease prompted ownership to further reinvest in the center. Located at the intersection of Route 6 and Baldwin Lane, Lake Plaza Shopping Center is slated to undergo a total renovation which will include a new façade for the in-line tenants, modifications to the shopping center's pylon sign, and a complete resurfacing of the parking lot including additional parking spaces, new LED lighting, and landscaping.
"Once construction is completed, the tenants and customers of Lake Plaza Shopping Center will enjoy a first-class, modern retail environment," adds Heidenberg. Shopping center tenants also include Kmart, KeyBank and a number of local businesses.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
