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| Galleria at Crystal Run, 1100--1300 North Galleria Drive, MIddletown, NY |
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| 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 | www.hfflp.com
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