Ashkenazy Acquisition Corp. is expanding its New York State retail portfolio, with a 374,000-square-foot open-air lifestyle center buy in Queens.
Dubbed The Shops at Atlas Park, the private real estate investment firm said it faced considerable competition in securing the financing for its acquisition. According to a statement from the company, more than 15 lenders "aggressively bid" to make this happen. While the exact terms of the deal were unclear, ACORE CAPITAL claimed the winning pitch and issued the loan.
Additionally, Ashkenazy touted the location in Glendale at the intersection of Cooper Avenue and 80th Street, which it calls the "heart" of Queens. Within proximity of the asset is Jackie Robinson Parkway, Metropolitan Avenue and Woodhaven Boulevard.
The Shops at Atlas features a mix of restaurants and major national and local shopping chains. This includes Starbucks, TJ Maxx, HomeGoods, Regal Cinemas, NY Sports Club, California Pizza Kitchen, Cold Stone Creamery, Chili's and Subway. Plus, the lifestyle center features medical facilities and office space.
Ashkenazy said it is planning to do more work on the property.
“We are excited to enhance and upgrade this extraordinary property into a best-in-class lifestyle center, similar to many lifestyle centers Ashkenazy owns, including Vernon Hills Center in Westchester County,” Joe Press, chief operating officer of the New York-based firm, said in a statement.
Some other offerings in Ashkenazy's New York State retail footprint include Cross County Mall in Yonkers and The Shops at The Chatham in Lenox Hill of Manhattan; the latter features 36,000 square feet of parking, office and retail. Outside of New York State, Ashkenazy operates Bayside Marketplace in Miami, Shops at the Bravern in Seattle and Shops at Rivercenter in San Antonio.
For prime NYC, retail is booming currently, at least, according to a second-quarter report from JLL. Notably, availability is at a record low, dating back to the third quarter of 2017 and rents are up an impressive 11 percent year-over-year to an average of $608 per square foot.
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