HFF Closes $390 Million Sale of 16-Property Retail Portfolio Located Throughout New York State
October 11 2016 - 5:07PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
closed the $390 million sale of a 16-property retail portfolio
totaling 4.5 million square feet located throughout the Albany,
Buffalo, Ithaca, Olean, Rochester and Utica markets in New York and
Alabama.
HFF marketed the assets on behalf of the seller, DDR Corp. A
joint venture between DLC Management Corporation and DRA Advisors
LLC purchased the offering free and clear of existing debt.
The portfolio is 89.2 percent leased overall and encompasses
properties anchored by high-quality tenants, including Home Depot,
Walmart, Target, Lowe’s, Tops Markets and Price Chopper. The
portfolio consists of: Mohawk Commons in Niskayuna; Burlington
Plaza in Amherst; Delaware Consumer Square and Elmwood Regal Center
in Buffalo; Thruway Plaza in Cheektowaga; McKinley Milestrip
Center, McKinley Mall Outparcels and BJ’s Plaza in Hamburg; Tops
Plaza in Lockport; Williamsville Place in Williamsville; Big Flats
in Elmira; Tops Plaza in Ithaca; Walmart Plaza in Olean; Westgate
Plaza in Gates; and Freedom Plaza in the Utica. An additional asset
in Alabama was included.
The HFF investment sales team representing the seller was led by
senior managing director Jose Cruz, managing director Kevin
O’Hearn, directors Michael Oliver and Stephen Simonelli and
supported by senior managing director James Koury.
“This portfolio represents a mix of high-quality, core assets
and core-plus/value-add retail centers in the upstate New York
Market,” stated Cruz. “The outstanding tenant base coupled with the
leasing upside was very attractive to the buyer pool. At $390
million, this transaction represents one of the largest retail
portfolio sales in the northeast thus far in 2016.”
About DDR Corp.
DDR Corp. (DDR) is an owner and manager of 352 value-oriented
shopping centers representing 113 million square feet in 37 states
and Puerto Rico. The company's assets are concentrated in high
barrier-to-entry markets with stable populations and high growth
potential and its portfolio is actively managed to create long-term
shareholder value. DDR is a self-administered and self-managed REIT
operating as a fully integrated real estate company, and is
publicly traded on the New York Stock Exchange under the ticker
symbol DDR. Additional information about the company is available
at www.ddr.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE:
HF). HFF operates out of 23 offices nationwide and is a leading
provider of commercial real estate and capital markets services to
the U.S. commercial real estate industry. HFF together with its
affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20161011006713/en/
HFFJose R. Cruz, 973-549-2000HFF Senior Managing
Directorjcruz@hfflp.comorOlivia N. Hennessey,
713-852-3500HFF PR Coordinator, Marketingohennessey@hfflp.com
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