Inside Long Island Business
Get the latest news and trends on Long Island companies and the people behind them.
Cedar Realty Trust Inc., a Port Washington-based real estate investment trust, has acquired a shopping center in south Philadelphia — adding to its presence in the city of brotherly love.
The shopping center-focused REIT acquired Quartermaster Plaza for $92.3 million, including the assumption of $53.4 million of debt. The 10-year old, 456,000-square-foot shopping center is anchored...Read more »
Long Island’s malls took a blow from the snow Thursday, and may again Friday.
While Roosevelt Field mall in Garden City, Walt Whitman Shops in Huntington and Smith Haven Mall in Lake Grove all opened on time at 10 a.m. Thursday, many individual stores, including some big anchor tenants, remained shuttered, said a spokeswoman with the malls’ operator, Simon Property Group. The decision to close...Read more »
Online spending from desktop computers on Cyber Monday set a record high, reaching $1.735 billion and marking the second day to pass $1 billion in sales this holiday shopping season, according to comScore, a firm that measures and analyzes online consumer behavior.
Despite weeks of discounts both online and in stores, consumers shopped heavily online on Cyber Monday, a daylong holiday shopping...Read more »
Cedar Realty Trust, Inc., a real estate investment trust specializing in ownership of shopping centers in the Northeast, reported higher quarterly earnings because of an increase in revenue from rent.
Port Washington-based Cedar Realty said funds from operations -- a measure used to evaluate real estate investment trust earnings -- was $9.5 million, or 13 cents per share, in the three...Read more »
Kimco Realty Corp., a real estate investment trust that primarily owns and operates suburban shopping centers, said Friday it has acquired a package of 24 retail-focused properties in the New England region for $270 million.
The portfolio includes 17 properties in the Boston metropolitan area, four additional shopping centers in Massachusetts, two centers in northern New Jersey and one property...Read more »
Tanger Factory Outlet Centers Inc. has increased its ownership stake in the Tanger Outlet at Deer Park, the company announced.
The Greensboro, N.C.-based real estate investment trust bought the one-third interest in the Deer Park location from Syosset-based Blumenfeld Development Group for $13.4 million in cash and 450,576 Class A shares of Tanger stock. The deal was worth about $27.46 million...Read more »