Full Banner

Bingo Wholesale Coming to Rockland County

RCBizJournal

Rockland Developer Alexander Property Holdings has bought Spring Valley Marketplace for $59.3 million. The shopping center will allocate nearly 100,000 square feet to house a Bingo Wholesale, a kosher superstore that is a joint venture between the Brooklyn-based Marav USA and Osher Ad, a grocery chain with 20 stores in Israel.

Alexander purchased the property from the Long-Island based Millbrook Properties, which bought the center in 2007 for $58.5 million. Millbrook acquired the property from DLC Management Corp. of Tarrytown after a successful expansion and redevelopment of the property that then lifted its occupancy rate from 30% to 100%.

Alexander plans to mix up its tenant mix to bring in Bingo, said a source familiar with the deal. The shopping center has 340,000-square feet. “I’m sure some of the tenants will be thrilled to be released from their leases,” the source said.

DLC originally purchased the property in July 1999 for $28 million. Shortly thereafter, two of the 320,720-sf shopping center’s anchor tenants declared bankruptcy. That, combined with intense competition from the recently opened three-million-sf Palisades Mall in Nanuet, caused the Spring Valley Marketplace occupancy rate to plummet to 30%, DLC officials say.

DLC later redeveloped the property and increased its size to its current 340,373 square foot configuration.

Read More at RCBizJournal

Be the first to Comment!

Leave Comment

Comment moderation is in use. Please do not submit your comment twice -- it will appear shortly.