Colliers (NASDAQ and TSX: CIGI), the leading global commercial real estate services firm, announces it has secured a lease for Southdown Coffee in the New Village at Patchogue, a mixed-use development located in the heart of downtown Patchogue. A Colliers’ team comprised of Senior Managing Directors Maria Valanzano and Steven D’Orazio represented both the landlord, TRI Real Estate Company, and the tenant in the transaction.
Building off the existing character of Main Street, the New Village development has reactivated the retail sector in Patchogue and promoted an active, pedestrian-friendly community. TRITEC was the developer and builder of the entire New Village project, which has now become a part of the community, hosting public outdoor concerts, farmers’ markets and festivals. Completed in 2014, the New Village at Patchogue offers nearly 300 apartments, as well as 45,000 square feet of retail and 17,000 square feet of office space.
Southdown Coffee, the popular Long Island chain specializing in high-quality coffee and handmade food in relaxing spaces, has leased 2,126 square feet at 1 Village Green Way. The rapidly-growing community in Patchogue, combined with the prominence of the New Village location, provides an ideal opportunity for Southdown’s first south shore location.
“New Village helped provide an anchor to redevelop Patchogue and create a new sense of place for the village,” said Valanzano. “The transformative project provided the energy that a community like Patchogue needs to keep moving forward. We were very pleased to find such an excellent location for Southdown Coffee’s first establishment on the south shore.”
“The mixed-use development at New Village has helped completely revitalize Patchogue,” said Chris Kelly, Vice President of Marketing at TRITEC. “Bringing in a tenant such as Southdown Coffee, which has multiple locations across Long Island, will provide both tenants and community members with a place to congregate. Individuals will be able to grab a coffee, meet a friend for breakfast or catch up on some work while being footsteps away from all the town has to offer.”
A study conducted by 4ward Planning showed that the revitalization of Patchogue Village from 2000-2017 had created $693 million in total economic output. The vacancy rate in downtown Patchogue was around 50% before the development of the New Village and today that existing retail space is 95% leased. In 2019 Patchogue was added to the national list of Great Neighborhoods by the American Planning Association.
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