Monday, January 18, 2016

HFF closes $12 million sale of retail power center in Middletown, NY

Galleria at Crystal Run, 1100--1300 North Galleria Drive, MIddletown, NY

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $12 million sale of Galleria at Crystal Run, an 80,000-square-foot retail power center that is 100 percent leased to Best Buy and Christmas Tree Shops in Middletown, New York.

HFF marketed the property on behalf of the seller, Kimco Realty Corp.  The buyer was private and purchased the asset free and clear of existing debt in an all-cash transaction that was part of a 1031 exchange.

The property is an outparcel to the adjacent 1.2 million-square-foot Galleria at Crystal Run Mall, which is anchored by Macy’s, Target, H&M, Dick’s Sporting Goods, Sears, AMC Theaters and JCPenney and has approximately 12 million annual visitors. 

Located at 1100-1300 North Galleria Drive, the building is just off of Route 17 and near Exit 4W of Interstate 84 in a large trade area that draws from a population of more than 270,000, with an average household income of $92,180.  Built in 2000, the building is situated on 10.1 acres. 

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli.

“The property provides a strong cash flow from two well-known tenants,” Cruz said.  “That stability was very attractive to the buyer pool.”

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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