Riverhead Centre continues to stand as one of the East End’s most significant retail destinations following its acquisition by Prestige Properties & Development, reinforcing confidence in grocery anchored shopping centers across suburban Long Island. Located along Old Country Road, the nearly 400,000 square foot retail center spans 50 acres and serves as a major commercial hub for Riverhead and the surrounding communities.
Built in 2003, Riverhead Centre has maintained strong performance over the years, operating at near full occupancy and anchored by ShopRite, which took over the former Waldbaums space in 2018. The tenant mix includes a range of national retailers and service driven brands such as Home Depot, Best Buy, Petco, Michaels, DSW, Barnes & Noble, Ashley Home Store, and IHOP, creating a diversified and resilient retail environment.
The acquisition reflects Prestige Properties’ broader strategy of investing in institutional quality retail assets across key East Coast and Southeast markets. With an extensive portfolio spanning multiple states, the firm has focused on centers that combine strong anchors, consistent foot traffic, and long term growth potential. Riverhead Centre aligns closely with that strategy, benefiting from its central location and role as a daily needs destination.
The transaction also underscores the continued demand for well positioned, grocery anchored retail on Long Island. Even as retail evolves, centers like Riverhead Centre demonstrate the value of stable tenancy, essential services, and adaptability to changing consumer patterns. As Riverhead grows and attracts both residents and visitors, the center remains a cornerstone of the town’s commercial landscape.
#RiverheadCentre #RiverheadNY #LongIslandRealEstate #RetailDevelopment #GroceryAnchoredRetail #EastEndBusiness #CommercialRealEstate #RetailInvestment