Joint Venture of Vastgood Properties and Southern Realty and Development
Purchases Thruway Plaza in Walden, New York
-Property will be redeveloped with a new Hannaford Supermarket-
PORT WASHINGTON, N.Y. -- February 21, 2013
Vastgood Properties, LLC, a real estate ownership, development and management
company, today announced that a newly-organized venture of Vastgood
Properties, LLC, and Southern Realty & Development LLC, a real estate
ownership, development and management company based in Warwick, New York,
completed the purchase of Thruway Shopping Center Plaza, a 129,600 sq. ft.
(plus three pad sites) supermarket-anchored multi-tenant strip shopping center
on approximately 17.1 acres in Walden, New York, a stable Hudson Valley
community located approximately 70 miles from New York City.
The Sellers of the existing center are the family which has owned and operated
the Thruway supermarket, pharmacy, sporting goods, hardware and liquor stores
at this center for approximately 55 years. The Vastgood/Southern Realty
venture has entered into an agreement with Hannaford Supermarkets for a new
35,900 sq. ft. full service supermarket and pharmacy with a 20-year initial
lease term, and six renewal options.
The new Hannaford Supermarket, to be built to LEED energy and environmental
design standards, will replace the existing Thruway Super Foodtown and Thruway
Pharmacy. A temporary Hannaford Pharmacy will operate in a separate building
at the Plaza to provide continuous service to existing Thruway Pharmacy
customers during construction. All other tenancies will continue to be
operational during construction.
In addition to the new Hannaford Supermarket, other tenancies for the center
include the Thruway Sporting Goods store at approximately 26,500 sq. ft.,
Thruway True Value Hardware at approximately 9,600 sq. ft., Thruway Liquor
Store at approximately 5,400 sq. ft., a Thruway Sporting Goods warehouse at
33,000 sq. ft. and other existing tenants aggregating approximately 19,000 sq.
ft. Certain existing buildings will be demolished at the site and the venture
will have the potential to expand the shopping center by as much as 100,000
Acquisition and construction financing for the project is being provided by
Orange County Trust Company of Middletown, New York.
The venture expects to complete certain site work improvements to the center
and to deliver the Hannaford site in December of this year; the Hannaford
store in turn is expected to open, and all other tenant and capital
improvements are expected to be completed, by the second quarter of 2014.
About Vastgood Properties
Vastgood Properties, LLC, is a real estate ownership, development and
management company founded by Leo S. Ullman in June 2011. Mr. Ullman was
previously the founder, chairman and CEO of Cedar Shopping Centers (now Cedar
Realty Trust), a real estate investment trust listed on the New York Stock
Exchange (symbol: CDR).
About Southern Realty and Development
Southern Realty is primarily a real estate ownership, development and
management company of which the founder and principal is John Joseph. Mr.
Joseph has been in the real estate development business for more than 25
years. Among many other ventures, Mr. Joseph has developed a number of
supermarket-anchored and drugstore-anchored properties in the Northeast and
Southeast portions of the U.S.
Hannaford Supermarkets, based in Scarborough, Maine, and in business since
1883, operates 181 stores in Maine, Massachusetts, New Hampshire, New York and
Hannaford is owned by Delhaize America, a wholly-owned subsidiary of
Belgium-based Delhaize Group (listed on the New York Stock Exchange (symbol:
DEG)). Delhaize Group owns and operates more than 3,400 stores globally.
Approximately 2/3 of its revenues are generated by approximately 1,500 stores
in the U.S., which, in addition to Hannaford, include U.S. supermarkets chains
Food Lion, Sweetbay, Bottom Dollar and Harvey’s.
Vastgood Properties, LLC
Leo S. Ullman, President, 516-439-5251
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