Sunday, August 30, 2015

HFF secures $10.2 million financing for grocery-anchored shopping center in central New York

Hannaford Plaza, 40 Kellogg Road, New Hartford, NY

Michael Klein
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $10.2 million in acquisition/bridge financing for Hannaford Plaza, a 110,732-square-foot, grocery-anchored neighborhood shopping center in the Utica suburb of New Hartford, New York.

HFF worked on behalf of the borrower, BH Kellog LLC, to arrange the three-year, floating-rate loan with Realty Finance Trust.  BH Kellog LLC is headed by a repeat client of HFF’s and is a shopping center owner based out of Monsey, New York.  The borrower was represented by Chaim Dahan Esq.

Anchored by Hannaford Bros., the primary grocery store in the market, and Rite Aid, Hannaford Plaza is 87.3 percent leased to Dollar Tree, John Latini Salon, Charlie’s Pizza, Dapper Dan Dry Cleaners, Wasabe Wok,

 The Liquor Loft and Tanning Bed.  Located on 12.6 acres, the asset has room for future development, and the borrower plans to build up to 8,000 square feet on a future pad site and add 40,000 square feet of self storage space.

Rob Hinckley
 The property is located at 40 Kellogg Road just off State Route 8, a major north-south artery for the greater Utica region.  The asset is located within a residential area with approximately 96,000 households within five miles.

The HFF team representing the borrower was led by director Michael Klein and managing director Rob Hinckley.

“The borrower was seeking a short-term loan with prepayment flexibility that would enable them to acquire and stabilize the property by extending the grocer’s short-term lease while leasing up the existing vacant space and shoring up the near-term roll,” Klein said.

  “Realty Finance Trust provided a competitive and flexible loan structure that will enable BH Kellog LLC to execute its business plan and unlock the value of this property.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |