Newcomer's $60m Long Island shopping spree.Inland Western Retail Real Estate Trust, Inc. recently paid nearly $60 million for two Long Island shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into . In its first foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of real estate, the two year old company bought Coram Plaza in Coram, and Fairgrounds n. pl. 1. same as fairground. Plaza in Middletown. Coram Plaza is a 144,181 s/f grocery-anchored community shopping center that was purchased for $37.7 million. The center is located at 264 Middle County Road in Coram. "This is a great property in the middle of Long Island," said Joe Cosenza, president of Inland Real Estate Acquisitions, Inc., who handled the negotiations in both transactions. "The proximity to New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , and the quality of the tenants, attracted us to this property." Coram Plaza is anchored by a 66,194 s/f Stop & Shop supermarket. Other major tenants include Family Dollar, Firestone/Bridgestone, Subway, Blockbuster, Dunkin' Donuts Sources: Dunkin' Donuts is an international coffee and donut retailer founded in 1950 in Quincy, Massachusetts, U.S. by William Rosenberg. Corporate Profile History and H&R Block. Fairgrounds Plaza--which cost Inland $21.99 million--is a 98,000 s/f grocery-anchored shopping center, a portion of which was still under construction at the time of the transaction. Inland Western plans to buy the remaining 31,767 square feet after construction is completed. The center is located at 330 Route 211 East in Middletown. Fairgrounds Plaza is anchored by a 59,970 s/f Super Stop & Shop supermarket. The seller in both transactions, Lou Ceruzzi, represented himself in negotiations. He was provided legal counsel by Art Hooper. Inland Western was represented by Cosenza and provided legal representation by Charles Benvenuto. Inland Western--which is headquartered in Oak Brook, Illinois--is sponsored by an affiliate of The Inland Real Estate Group of Companies, Inc. It currently owns and manages more than 25 million square feet of commercial real estate. |
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