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90-30 Metropolitan Ave. Changes Hands, Sells for $29M

NEW YORK CITY-Miami Beach-based developer Equity One, Inc. has purchased the shopping center from an affiliate of Mark Holdings LLC and Area Property Partners. Tenants include Trader Joe’s, Staples and Michaels Arts & Crafts.

By Jacqueline Hlavenka | Updated on September 02, 2011

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.”

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