bingo wholesale

Spring Valley Marketplace Sold For $59.3 Million; Kosher Superstore Slated For Center

Real Estate

Alexander Property Holdings Buys Spring Valley Marketplace; Bingo Wholesale Will Be New Tenant

By Tina Traster

Rockland Developer Alexander Property Holdings has bought Spring Valley Marketplace for $59.3 million. The shopping center will allocate nearly 100,000 square feet to house a Bingo Wholesale, a kosher superstore that is a joint venture between the Brooklyn-based Marav USA and Osher Ad, a grocery chain with 20 stores in Israel.

Alexander purchased the property from the Long-Island based Millbrook Properties, which bought the center in 2007 for $58.5 million. Millbrook acquired the property from DLC Management Corp. of Tarrytown after a successful expansion and redevelopment of the property that then lifted its occupancy rate from 30% to 100%.

Alexander plans to mix up its tenant mix to bring in Bingo, said a source familiar with the deal. The shopping center has 340,000-square feet. “I’m sure some of the tenants will be thrilled to be released from their leases,” the source said.

DLC originally purchased the property in July 1999 for $28 million. Shortly thereafter, two of the 320,720-sf shopping center’s anchor tenants declared bankruptcy. That, combined with intense competition from the then recently opened three-million-sf Palisades Mall in Nanuet, caused the Spring Valley Marketplace occupancy rate to plummet to 30%, DLC officials say.

DLC later redeveloped the property and increased its size to its current 340,373 square foot configuration.

Among its major national tenants are: Target, Bed Bath & Beyond, Michaels Arts & Crafts, GameStop, Nine West. Target is the center’s largest tenant at 134,000 sf, followed by Christmas Tree Shops at 49,744 sf, Bed Bath & Beyond at 35,000 sf and Michaels Arts and Crafts at 25,000 sf.

Bingo Owners Plan “Many, Many” Stores

A year after opening its first store in Brooklyn, N.Y., Bingo Wholesale opened its second store in the heavily Orthodox, kashrut-observant community of Lakewood, N.J.

The Costco-style kosher warehouse doesn’t require membership, but having one allows customers to use in-store coupons.

“We try to sell everything at wholesale price,” said Bingo Wholesale managing director David Weiss. The Lakewood store opened on Jan. 22.

“You’ll find brand name goods, but also items under Bingo Wholesale’s private label, which includes BluPantry and BluShine,” reported “Many items also are in large and bulk sizes, commonly found at a warehouse clubs, which helps to differentiate Bingo from other stores.”

While Bingo may specifically target Jewish customers, New York-based supermarket analyst Burt Flickinger III told that what’s available at the store in terms of price, quality and other factors makes it “a United Nations of consumers.”