FLORHAM PARK, NJ—A joint venture between DLC Management Corp. and DRA Advisors has purchased a 16-property retail portfolio—comprising 4.5 million square feet throughout Albany, Buffalo, Ithaca, Olean, Rochester and Utica markets in New York, and Alabama—for $390 million.
The seller was DDR Corp., which tapped Holliday Fenoglio Fowler to market the assets. 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.
The portfolio is 89.2% leased and encompasses properties anchored by high-quality tenants, including Home Depot, Walmart, Target, Lowe's, Tops Markets and Price Chopper. Across New York State, 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.
“This portfolio represents a mix of high-quality, core assets and core-plus/value-add retail centers in the upstate New York Market,” says Cruz. “The outstanding tenant base coupled with the leasing upside was very attractive to the buyer pool.”
He adds, “At $390 million, this transaction represents one of the largest retail portfolio sales in the northeast thus far in 2016.”
FLORHAM PARK, NJ—A joint venture between DLC Management Corp. and DRA Advisors has purchased a 16-property retail portfolio—comprising 4.5 million square feet throughout Albany, Buffalo, Ithaca, Olean, Rochester and Utica markets in
The seller was DDR Corp., which tapped Holliday Fenoglio Fowler to market the assets. 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.
The portfolio is 89.2% leased and encompasses properties anchored by high-quality tenants, including
“This portfolio represents a mix of high-quality, core assets and core-plus/value-add retail centers in the upstate
He adds, “At $390 million, this transaction represents one of the largest retail portfolio sales in the northeast thus far in 2016.”
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