Price Chopper was among the anchor tenants in a 4.5 million-square-foot retail portfolio that sold for $390 million. — Courtesy: HFF
By Joshua Burd
Brokers in HFF’s Florham Park office have closed a $390 million sale of a 4.5 million-square-foot retail portfolio spread across New York and Alabama, the firm announced.
HFF marketed the 16 properties on behalf of the seller, DDR Corp., according to a news release. A joint venture between DLC Management Corp. and DRA Advisors LLC purchased the offering free and clear of existing debt.
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. They were 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,” Cruz said in a prepared statement. “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.”
The portfolio, which is 89.2 percent leased, includes properties in Albany, Buffalo, Ithaca, Olean, Rochester and Utica markets in New York and Alabama. Anchor tenants among the properties include Home Depot, Walmart, Target and Lowe’s.