Long Island firm adds another suburban Rochester plaza to portfolio

A Long Island real estate investment firm has purchased another strip mall in the Rochester market.

Hakimi Capital Group (HCG), through Stoneridge Greece Realty LLC and Stoneridge Greece Partner LLC, paid $6.4 million for Stoneridge Plaza in Greece.

1510-1590 West Ridge Holdings LLC was the seller. The property was offered at a foreclosure auction in June but an entity created by the lender submitted the only bid.

Located at 1510-1590 West Ridge Road, the 16.88-acre property has been part of the area’s retail landscape for more than six decades. Crexi data shows square footage of 178,588 across five buildings, with occupancy at just 40.3 percent.

In September, HCG paid $7.5 million for Town Centre Plaza at 2199 E. Henrietta Road. The 10-acre property was previously known as Suburban Plaza.

Headquartered in the Nassau County village of Great Neck, the HCG portfolio includes 69 properties across 18 states. The company’s acquisition strategy focuses on two types of properties: those with a potential for revenue growth through the leasing of vacant spaces, and stabilized properties with 9.5 percent or better capitalization rate.

Byron Hakimi is HCG’s founder and principal.