10A — January 16 - 29, 2015 — M id A tlantic
Real Estate Journal
F inancial D igest The HFF team, led by Cruz, O’Hearn, Duval, & Scandalios represented the seller HFF closes $48.3 million sale of a 516,769 s/f retail power center in Poughkeepsie, NY
OUGHKEEPSIE, NY —HFF announced that it has closed the $48.3 million sale of The Shoppes at South Hills, a 516,769 s/f grocery-anchored retail power center in south Poughkeepsie. 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 SouthRd. (Rte.9), which has an average vehicle count of 40,000 per day. The center is at the intersection P
of South and Vasser Roads in a suburban area of south Poughkeepsie, which sits on the Hudson River and is ap- proximately 80 miles south of Albany and 83 miles north of New York City. The site is the former SouthHills Mall, which was partially demolished and redeveloped between 2007 and 2008 into a power center that is 86% leased to Shop Rite, Christmas Tree Shops, Ashley Furniture Home Store, Hobby Lobby, Burlington Coat Fac- tory, Kmart, Bob’s Discount Furniture, Chuck E. Cheese’s and Weight Watchers.
The Shoppes at South Hills
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , manag- ing 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. n NorthMarq Capi- tal secures $3.4m refinance of a NH office property
1331 Elm St.
MANCHESTER, NH — Matt Marshall , vice presi- dent of NorthMarq Capital ’s Boston based regional office arranged the $3.4 million refi- nance of a 43,742 s/f downtown office building located at 1331 Elm St., Manchester. The transaction was structured with a 10-year term and 25- year amortization schedule. NorthMarq arranged financ- ing for the borrower through its relationship with a regional bank. “The combination of long- term sponsorship, property condition and excellent loca- tion were major strengths of the transaction,” said Mar- shall. “All parties recognized the value in structuring a long-term refinance and it was a pleasure to work with both the lender and borrower to complete the deal.” n
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