Wednesday, January 7, 2015

HFF closes $48.3 million sale of retail power center in Poughkeepsie, NY


The Shoppes at South Hills, 1895 South Road (Route 9), Poughkeepsie, NY

Jose Cruz
FLORHAM PARK, NJ – HFF announced it has closed the $48.3 million sale of The Shoppes at South Hills, a 516,769-square-foot grocery-anchored retail power center in south Poughkeepsie, New York.

                HFF marketed the property on behalf of the seller.  DLC Management Corporation purchased the asset free and clear of existing debt.

                The Shoppes at South Hills sits on approximately 72.6 acres at 1895 South Road (Route 9), which has an average vehicle count of 40,000 per day.

  The center is at the intersection of South and Vasser Roads in a suburban area of south Poughkeepsie, which sits on the Hudson River and is approximately 80 miles south of Albany and 83 miles north of New York City.

 The site is the former South Hills Mall, which was partially demolished and redeveloped between 2007 and 2008 into a power center that is 86 percent leased to Shop Rite, Christmas Tree Shops, Ashley Furniture Home Store, Hobby Lobby, Burlington Coat Factory, Kmart, Bob’s Discount Furniture, Chuck E. Cheese’s and Weight Watchers.

Kevin O'Hearn
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.

                “With this transaction, DLC has acquired one of the leading power centers in the Hudson Valley,” Cruz said.

DLC Management Corporation (DLC) is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, leasing, and management.  

Headquartered in New York with regional offices in Atlanta, Bethesda, and Chicago, SH DLC owns and/or operates 116 assets totaling 19.6MM square feet. For additional information, please visit www.dlcmgmt.com.


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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


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