Listen to this articleA retail property in East Setauket has sold for $17.25 million.
Brixmor Property Group, a publicly traded real estate investment trust, purchased the 41,720-square-foot retail complex on 4.03 acres at 198-250 Route 25A.
Known as West Shopping Center, the property is fully occupied.
The sale price equates to a 7.2 percent cap rate.
Brixmor was self-represented, while Lee Rosner and Neil Crawford of NAI Long Island represented the seller, Dinoffer & Tobias LLC, in the sales transaction.
David Dinoffer, the managing member of the selling entity, is grateful to the area’s shoppers.
“Our family investment, spanning three generations, wants to thank East Setauket, and the surrounding communities, for their continued patronage and loyal support over these 54 years. We hope the center continues to meet the needs, and more, of the community it serves.”
Brixmor owns more than 360 open-air shopping centers totaling about 64 million square feet. On Long Island, Brixmor now owns 12 retail properties totaling more than 1.43 million square feet.