Parent Company of Food Bazaar Buys Astoria Retail Property for $101M

Bogopa Enterprises, the parent company of the Food Bazaar supermarket chain, and its partner Shorewood Real Estate Group have purchased a grocery property in Astoria, Queens, according to property records made public Monday.

The grocery operator and its real estate venture partner acquired the property at 42-02 Northern Boulevard — home to a Food Bazaar — for $101.1 million from Gould Investors, which has owned the building since 1997, according to property records.

Bogopa, Shorewood and Gould did not immediately respond to requests for comment. PincusCo was first to report the identity of the buyers.

Bogopa operates Food Bazaar, which fully leases the Astoria property and has 74,637 square feet of existing retail space and another 656,464 square feet of air rights above the property.

The timing for the deal may be advantageous for the buyers, as Mayor Zohran Mamdani and President Donald Trump recently came to an agreement to resurrect a de Blasio-era plan to build a deck over the top of the adjacent Sunnyside Yards, on top of which 12,000 new housing units could be built.

It also coincides with a larger trend of retailers going from lessees to owners of the properties they operate out of, characterized by Wharton Properties’ Jeff Sutton making top dollar selling buildings to luxury retail tenants. It’s also been seen in Florida-based grocery chain Publix’s numerous acquisitions of retail properties that it anchors.

Mark Hallum can be reached at mhallum@commercialobserver.com.