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Group plans new life for old Caldor's

By Anastasi, Nick
Publication: Long Island Business News
Date: Friday, January 10 2003

EAST PATCHOGUE - The former Caldor's Shopping Center at the intersection of Montauk Highway and Patchogue-Yaphank Road has been sold for $4.8 million to an investment group that intends to breathe life into the near-dead retail outlet.

The site was sold to 835 Montauk Highway LLC, an investment

group whose principals are from New Jersey and Long Island. In addition to the $4.8 million it paid for the complex, the investment group plans on investing at least $2 million more to renovate the facility to boost its appeal with potential tenants.

The complex sits on 13 acres in East Patchogue. It features 140,000 square feet of retail space, 92 percent of which is vacant, said Roger Delisle of Smithtown-based Island Associates, the real estate services firm that has been marketing the site on behalf of Edgewater Properties, a holding company of Deutsche Bank.

The downward spiral for the center started when its major anchor tenant, the department store chain Caldor's filed for bankruptcy four years ago while Pergament followed suit two years ago.

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