Good morning! This is Retail Center List.
→ We are here to serve the owners, brokers, capital providers, tenants, and vendors who specialize in neighborhood and essential retail. We are the #1 source for transaction news, industry data, and active property listings. All in a quick email, twice a week.
Do us a favor and forward this email to your favorite retail center pro. They can sign up here.
Now, let's get to it.
NEWS ROUNDUP
ACQUISITION: Runyon Group and River Oaks Properties acquire Water Mill Storefronts in record $39M retail deal. Runyon Group, in partnership with River Oaks Properties, acquired two retail properties in Water Mill, New York, for a combined $39 million, reportedly the largest retail transaction in Hamptons history. The portfolio includes Water Mill Square, a 20,500 SF retail and office center at 670 Montauk Highway, and The Mill, a 29,314 SF retail center at 760 Montauk Highway. Together, the properties total 49,814 SF and account for approximately 84 percent of Water Mill’s commercial leasing area. Vault Development Partners, led by Robert Zecher and Benjamin Rinzler, sold the properties. Hal Zwick and Jeffrey Sztorc of the Hamptons Commercial Real Estate Team at Compass brokered the transaction. Runyon Group co-founders and managing principals David Fishbein and Joseph Miller have outlined plans to renovate the properties, introduce smaller storefronts, attract independent retailers and first-to-market concepts, and enhance outdoor spaces. The acquisition gives the partnership a majority stake in Water Mill’s commercial retail area.
→ Try our resources for retail center pros: