KKR Financial Holdings LLC and Colonie Pacific acquired Colonie Center, a 1.3-million-sq.-ft. superregional mall in Albany, N.Y. for an undisclosed price.
Colonie Center underwent a large-scale renovation in 2007, including the addition of a lifestyle component. Macy’s, Boscov’s and Sears anchor the property. Inline tenants include Aeropostale, American Eagle, Christmas Tree Shops, Express, Sephora and Victoria’s Secret, among others. Colonie Center generates approximately $245 million in retail sales.
KKR and Colonie Pacific plan to make additional capital investments to the property.
“Colonie is an institutional-quality asset with tailwinds from a significant recent renovation,” said Ralph Rosenberg, head of KKR’s real estate group, in a statement. “With additional investment and a revamped leasing strategy, Colonie will be an even more attractive home for current and prospective retailers in Albany. The transition in ownership will be seamless for shoppers and our goal is to make the shopping experience even better than it is today.”
Prestige Properties Pays $30M for Van Dyke Commons in Florida
Prestige Properties & Development bought Van Dyke Commons, a 139,347-sq.-ft. retail center in Lutz, Fla., from iStar Financial Inc. for $30 million.
The property was completed in 2007 and is currently 100 percent leased. LA Fitness, HomeGoods and Golfsmith anchor the center.
Brad Peterson and Kim Flores, of HFF, represented the seller in the transaction.
Arizona Shopping Center Sells for $25.35M
Kierland Village CMH LLC, an entity formed by RD AdvisorsandMariash Corp., bought Kierland Village Center, a 116,809-sq.-ft. neighborhood shopping center in Scottsdale, Ariz., from Kierland Village Center LLC for $25.35 million.
Kierland Village Center was completed in 2001. Safeway and Walgreens anchor the property. Inline tenants include The UPS Store, Subway, Baskin Robbins, Fantastic Sam’s, Einstein’s and Panda Express.
Ryan Shubert and Michael Hackett, of Cassidy Turley Arizona, represented the seller in the transaction.
Grandbridge Closes $20.8M Loan on Miami Property
Grandbridge Real Estate Capital closed a $20.8 million first mortgage secured by Kendall Corners, a 96,515-sq.-ft. retail property in Miami. The loan features a sub-4.5 percent interest rate, a seven-year term and a 25-year amortization schedule. Michael Balan originated this transaction.
Other Notable Deals
Marcus & Millichap Real Estate Investment Services negotiated the sale of Allen Forge Shopping Center, a 51,878-sq.-ft. neighborhood shopping center in Lansdale, Pa., for $9.333 million in a 1031 exchange transaction. The price works out to $187 per sq. ft. Tenants at the center include CVS, Pennsylvania Liquor Control Board Wine and Spirits and Bank of America. Marcus & Millichap’s Matthew Gorman and Michael Shover represented both parties in the transaction.
Romano Trust bought a 5,600-sq.-ft. freestanding FedEx Office Print and Ship Center in Los Angeles from Shio LLC for $5.35 million. The transaction closed at a cap rate of 6.86 percent. The property was completed in 1988 and includes 31 parking stalls. FedEx holds an absolute triple-net lease to the building. Jeff Conover, of Faris Lee Investments, represented the seller in the transaction. Vadim Baum, of Keller Williams, represented the buyer.
Time Equities Inc. purchased Auburn Towne Center, an 85,436-sq.-ft. shopping center with four land parcels in Auburn, N.Y., for $1.65 million in an all-cash transaction. The center is currently 41 percent leased. Tenants at the property include Advanced Auto, Family Dollar, Sakura Chinese Restaurant, and Stadium Community Recreation Center. Jerry Merzon, of The Merzon Co., represented Time Equities in the transaction. John Bouck, of Bouck Real Estate, represented the seller.
A New York-based REIT bought an 8,000-sq.-ft. Family Dollar store in Lovelady, Texas for $956,925. Family Dollar has 10 years remaining on its base lease term. Jordan Kaufman, of Quantum Real Estate Advisors, represented the seller in the transaction.
Vestar, in a joint venture with a fund advised by UBS Global Asset Management, acquired Deerbrook Marketplace, a 350,000-sq.-ft. retail center in Humble, Texas, from Investcorp. in an all-cash transaction. Tenants at the property include Sports Authority, Best Buy, Bed Bath & Beyond, Marshalls, OfficeMax, PetSmart and Old Navy. George Cushing and Wendy Vandeventer, of Jones Lang LaSalle, represented the seller in the deal. Vestar represented itself.
DDR Corp. bought the Marketplace at Highland Village, a 195,652-sq.-ft. power center in Highland Village, Texas, from Founder Properties LLC for an undisclosed amount free and clear of debt. The center was completed in 2007 and is currently 90 percent leased. Tenants at the property include TJ Maxx, LA Fitness, Office Depot and Petco. Barry Brown and Jim Batjer, of HFF, negotiated this transaction.
Viking Partners LLC acquired Rivertown Center, a 60,876-sq.-ft. retail center in Grandville, Mich., from a major financial institution. Rivertown Center was completed in 2000. Retailers at the property include Qdoba, Noodles & Co. Family Christian Stores and Hallmark, among others.