Katz Properties secures two shopping centers totaling $52.5 million

Katz Properties of New York has acquired Heritage Plaza in Mass. and Golden Ring Plaza in Rosedale, MD. The single-day transaction, valued at $52.5 million, continues a consistent growth pattern for the company. Heritage Plaza shopping center is a 116,840 s/f supermarket anchored shopping center, built in 1974, and is situated on 13.2 acres located at 470 North Main St. Heritage was purchased for $28.45 million and is 98% occupied. Golden Ring Plaza, at the intersection of Philadelphia Rd. (Rte. 7) and Rossville Blvd., totals 159,000 s/f and was purchased for $24 Million. Daniel Katz, a principal of Katz Properties said, "One of our first grocery anchored deals ever was across the border from East Longmeadow in Enfield, CT and we've been looking for more opportunities in this market ever since. This center and Golden Ring Plaza in Maryland both have market-leading grocers and an excellent mix of other retailers." Daniel Kaufthal, a principal of Katz Properties, said, "We are glad to be returning to two markets we know well and have had success in. We continue to look for opportunities to purchase Grocery Anchored retail and add to our growing portfolio"" In fact, last year Katz Properties acquired three grocery anchored shopping centers in the Metro DC area: Westgate Shopping Center and Festival Shopping Center, both in Manassas, VA, and East River Park in Washington, DC. The company also owns the Deer Park Center in Randallstown, MD, which it acquired in 2010. Kaufthal continued, "We are pleased to strengthen our ties to the Baltimore County community through this acquisition and plan to acquire more shopping centers in the region." Katz Properties is a real estate investment, development and management company, with offices in Boston, Hartford, New York, Philadelphia and Washington, DC, primarily focused on the acquisition, operation and repositioning of grocery-anchored shopping centers in the Northeast and Mid-Atlantic. Mortgage financing for both deals was arranged by Tim Breda of Goedecke & Co. Heritage Plaza was financed by Sentinel Investments of Dallas, TX on behalf of National Life of Vermont. Financing for Golden Ring Plaza was provided by AIG Global of New York City. For Heritage Plaza, Cushman and Wakefield's Capital Markets Group, led by Geoff Millerd, Justin Smith and Rob Griffin represented both Katz Properties and the seller in the transaction. For Golden Ring Plaza, both buyer and seller were represented by the CBRE team of R. William Kent and Gary S. Lawrence. Leasing and property management services for both shopping centers will be provided by Winslow Property Management.