PEBB Enterprises, Sagamore Hill Secure Leases with Starbucks, Additional Exciting Tenants at Soundview Marketplace
PEBB Enterprises and Sagamore Hill Partners finalized several new leases at Soundview Marketplace in Long Island’s Port Washington, including Starbucks, Crumbl Cookies, GNC, Eden Nail Salon and Woof Gang. The joint venture also closed an $18.75 million refinancing for the shopping center.
Deutsche Bank AG provided the loan to PEBB and Sagamore Hill, with $15.75 million as an initial advance and $3 million for future funding for capital improvements and leasing costs.
New leases at Soundview include:
• Starbucks – 2,000 square feet
• Crumbl Cookies – 1,668 square feet
• GNC – 1,094 square feet
• Eden Nail Spa – 4,303 square feet
• Woof Gang – 1,728 square feet
The partnership has generated significant activity since acquiring the 188,109-square-foot shopping center in December 2020. Built in 1962 and 1977, Soundview Marketplace is comprised of four buildings on nearly 11 acres. Notable tenants include Target, TJ Maxx, Walgreens, West Marine, Five Below, F45 and Ace Hardware.
“Soundview Marketplace has been a great addition to our portfolio,” said PEBB Enterprises CEO Ian Weiner. “We have been successful in our efforts to improve the shopping center and attract high-quality national tenants that fit the aesthetic of the surrounding community in Port Washington.”
RIPCO Real Estate is overseeing the leasing and property management of Soundview Marketplace on behalf of the owners. The joint venture also retained RIPCO Debt & Structure Finance for the refinancing, led by Steven Sperandio, along with analyst Jake Weiss.
PEBB and Sagamore Hill continue to make significant enhancements to the center, which has attracted top-tier shopping and dining operators. Port Washington is a hamlet, or community, in Nassau County on the North Shore of Long Island. The upscale area is known for luxurious homes, marinas, yacht clubs and golf courses.