NEW JERSEY—Onyx Equities LLC, a Woodbridge-based private real estate investment and property management firm, has closed on the acquisition of a retail center through its Phalanx Fund II in Whitestone, N.Y. The center is anchored by a grocery store.
Constructed in the 1980s as a sale-leaseback by Great Atlantic & Pacific Tea Company (A&P), the center was developed to house a 40,000-sq.-ft. Waldbaum’s and approximately 25,000 sq. ft. of retail and office space.
The site is currently master leased by A&P who affirmed this leasehold in bankruptcy and, upon executing Chapter 11, announced plans to upgrade the center.
Additional retailers occupying space at the center include Astoria Federal Savings Bank and an Italian restaurant.