Acadia & TPG have teamed up to buy a retail property in Flushing, Queens, New York, for $425 million.
The deal relating to the property, The Shops at Skyview at 40-24 College Point Blvd, was reported by Newmark, which also brokered the sale. Blackstone's Perform Properties was the seller.
Mizuho provided acquisition financing of $289 million.
The Shops, spanning 555,000 square feet, is anchored by retailers Sky Foods and BJ’s Wholesale Club. The asset is 97 percent leased, with the property allowing for larger-scale tenants to operate at. Also, major fashion and apparel retailers operate at the shopping center, including Adidas, Marshalls, Foot Locker, Old Navy and Nike. Additionally, The Shops features a 2,639 square foot parking garage.
Newmark refers to Flushing as one of New York City's "most densely populated and rapidly growing neighborhoods," with the area also benefiting from value junior anchors and limited supply.
The acquisition comes after TPG CEO Jon Winkelried announced in a third-quarter earnings call that it raised $2.1 billion from its Real Estate Credit Opportunities Fund. As of September, it had nearly $12 billion in credit capital raised.
At the end of 2025, NYC retail sentiment in the CRE space was nothing short of euphoric, as the Federal Reserve implemented three rate cuts to end the year. As Lee Block, president of RTL, a leading brokerage in NYC, pointed out, the metro remains a fight to quality, with the Madison Avenue and SoHo submarkets leading the way.
The only challenge that Block cited for 2026 in NYC's retail sector was the lack of supply in the market, which could make it tougher to make deals.
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