OFFERING INTRODUCTION
Matthews Real Estate Investment Services™ is pleased to present the opportunity to acquire Coram Plaza, a ±143,899 SF convenience-oriented shopping center located in a high-visibility corridor within the heart of Suffolk County, Long Island.
Coram Plaza is currently 41.13% occupied and includes a ±66,194 SF space formerly occupied by Stop & Shop, presenting a compelling value-add or redevelopment opportunity. Situated on ±16.41 acres and shadow-anchored by The Home Depot, Coram Plaza benefits from strong regional traffic drivers, national co-tenancy—including Dunkin’, Taco Bell, Advance Auto Parts, Family Dollar, and Firestone—and strategic visibility along Middle Country Road (NY-25). With flexible zoning, existing infrastructure, and a well-trafficked location, the property is well-positioned for re-leasing or adaptive reuse, offering investors the chance to create long-term value through targeted leasing and capital improvements.
INVESTMENT HIGHLIGHTS
Strategic Repositioning & Value-Add Potential
Coram Plaza presents a compelling value-add opportunity through strategic re-tenanting and redevelopment. With only 41.13% occupancy and a ±66,194 SF vacancy from the former Stop & Shop, investors can reposition the asset by attracting a new anchor, subdividing the space, or repurposing it for medical, discount, or entertainment concepts. The ±16.41-acre parcel also offers flexibility for pad development or reconfiguration of inline space, supported by strong area demographics and infrastructure.
Highly Flexible Leasing Environment
The existing tenant mix not only delivers immediate, stable income but also establishes a strategic foundation for future value creation through targeted leasing upgrades, thoughtful remerchandising, and comprehensive repositioning efforts. These initiatives are designed to better align the asset with shifting consumer preferences and dynamic market trends, enhancing both appeal and long-term performance.
Strategic Suffolk County Location
Located on Middle Country Road (NY-25), a heavily trafficked commercial artery that sees the traffic of over 30,000 VPD, Coram Plaza benefits from exceptional visibility and access. The surrounding area includes high-density residential neighborhoods and strong commuter traffic, creating a steady stream of potential shoppers. Proximity to major roadways like the Long Island Expressway further increases regional accessibility and foot traffic potential.
Outparcel Monetization Opportunity
Potential to spin off Taco Bell and/or the unanchored strip fronting Middle Country Rd, creating and opportunity to lower overall basis in the core asset and monetize a portion of the property on an accretive basis. This enhances the overall value-add strategy by offering flexible exit or recapitalization options while preserving upside through lease-up or redevelopment of the remaining center.
LOCATION ATTRIBUTES
STRATEGIC REGIONAL LOCATION WITH FERRY ACCESS
Coram Plaza benefits from its proximity to the Port Jefferson Ferry, a major regional transportation link connecting Long Island to Bridgeport, Connecticut. Serving hundreds of thousands of passengers and vehicles annually, the ferry generates consistent, year-round traffic through the region — creating built-in demand drivers for retail, services, and logistics uses.
OPPORTUNITY FOR REDEVELOPMENT & REPOSITIONING
With several current vacancies, Coram Plaza presents a unique opportunity for investors to reposition the asset. Potential strategies include:
- Retail Re-Tenanting: Curating a tenant mix that caters to both local residents and regional traffic from the ferry and nearby healthcare, hospitality, and industrial users.
- Alternative Uses: Exploring adaptive reuse or partial conversion for industrial/flex, medical office, or service-based retail to meet growing market demand in the area.
- Site Redevelopment: The property’s size, access, and location make it a compelling candidate for redevelopment into a higher-value use that capitalizes on regional growth and infrastructure.
INCREASED TRAFFIC & DEMAND GENERATORS
- Commuter Traffic: Travelers between Connecticut and Long Island routinely pass through the corridor, creating opportunities for convenience retail, food, and services.
- Tourist & Leisure Traffic: Ferry-driven leisure travel contributes seasonal and weekend volume, expanding the customer base beyond local demographics.
- “Gateway” Positioning: While not directly adjacent to the ferry, Coram Plaza serves as a natural commercial stop for traffic moving through the Port Jefferson corridor.
EXPANDED CUSTOMER BASE & DIVERSE DEMOGRAPHICS
The ferry broadens the market reach of Coram Plaza, pulling customers from Connecticut and other parts of Long Island. This demographic diversity supports a tenant mix catering to both local needs and regional demand.
SIGNIFICANT REGIONAL EMPLOYMENT HUB
Less than 10 minutes away, Mather Hospital at Northwell Health anchors the local economy as a major employer and healthcare provider, drawing steady traffic and supporting daytime population levels ideal for retail and service-based uses.
DEBT CONTACT
Andrew Marcus
First Vice President
(201) 787-6030
andrew.marcus@matthews.com
BROKER OF RECORD
Cory Rosenthal
LIC.# 10991237833 (NY)