The historic Milleridge Inn in Jericho, which dates to the 1600s, has been purchased by Kimco Realty, a New Hyde Park-based real estate investment trust, Kimco and Milleridge officials said Tuesday.
The Milleridge will continue to be operated by the Murphy family, owner and operator of the shopping and dining outfit for more than 54 years, said Bruce Davis, Milleridge's director of operations. The purchase "currently doesn't affect operations at all," Davis said.
Kimco, the largest owner of suburban shopping centers in North America, did not disclose the purchase price for the property, which it acquired around the beginning of this month. Kimco said the transaction would be reflected in its second-quarter earnings later this summer.
The company has leased the property back to the previous owners, and Kimco has "no immediate plans for the property," said David Bujnicki, vice president of investor relations and corporate communications for Kimco. He said the company will consider other plans for the property in the future.
On Long Island, Kimco also owns the Jericho Commons shopping center, which abuts the Milleridge Inn. The Commons sits on two parcels with more than 130,000 square feet of combined retail space on more than nine acres. Notable tenants include Whole Foods, Starbucks and a Marshall's clothing store.
The purchase serves as a way "to protect our existing property and make sure nobody else could come in and do something to compromise that," Bujnicki said.
The Milleridge property hosts nine small retail shops, including a Christmas supply store, florist, bakery and toy shop. It maintains an 11-banquet-room restaurant with seating for as many as 1,000.
Built in 1672, the Milleridge Inn originally served as a private residence for Mary Willets, an early Quaker settler, before being used as an inn for travelers in the late 1700s, according to Milleridge's website. For a time the inn was believed to have been a stop along the Underground Railroad, which the property owners have yet to verify.
The property has undergone many expansions and additions. "It's gone through a lot of changes over the years," Davis said.