Niskayuna, NY Holliday Fenoglio Fowler, L.P. (HFF) has closed the $390 million sale of a 16-property retail portfolio totaling 4.5 million s/f 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 Corp. and DRA Advisors LLC purchased the offering free and clear of existing debt.
The portfolio is 89.2% leased overall and encompasses properties anchored by tenants, including Home Depot, Walmart, Target, Lowe’s, Tops Markets and Price Chopper. The portfolio consists of: Mohawk Commons; 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,” said 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.”
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.
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.

Sign up is quick, easy, & FREE.