NEW YORK CITY-A popular Queens-based shopping center anchored by Trader Joe’s, Staples and Michaels Arts & Crafts has changed hands here in Forest Hills, NY. Owner/developer Equity One, Inc. acquired 90-30 Metropolitan Ave. from an affiliate of Mark Holdings LLC and Area Property Partners for $28.8 million late Thursday, GlobeSt.com has learned.
David Schore, president of Mark Holdings LLC, tells GlobeSt.com that the affiliates were in the process of refinancing the property, but he says the unsolicited offer from Equity One was very attractive. “We were approached at a very opportune time for us,” Schore says. “It was a very good price, and we decided that we would rather sell and look for other deals with that capital.”
The 60,000-square-foot shopping center, located at the intersection of Metropolitan Avenue and Woodhaven Boulevard, is unencumbered and 93% occupied. Though Schore could not disclose rents due to confidentiality agreements, Real Capital Analytics lists the property at $475 per square foot.
The acquisition itself aligns with Equity One’s goals to “acquire high quality, urban retail assets while also disposing of non-core properties,” according to a company statement. “Queens is one of the most under-retailed areas in the country and has almost no opportunities for new development due to zoning and lack of available land," says Jeff Olson, CEO of Equity One, in a prepared statement following the deal.
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