HFF closes $390 million sale of 16-property retail portfolio located throughout New York State
FLORHAM PARK, NJ – October 11, 2016 – 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 ddr.com.
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.