NEW YORK CITY-The strength of drugstore-anchored retail on Staten Island's North Shore is continuing to hold steady in the borough, as evidenced by a highly trafficked strip mall getting some new financing. Cushman & Wakefield Sonnenblick Goldman arranged an $18 million non-recourse first mortgage loan for Forest Avenue Shopping Center, a 190,000-square-foot property owned by New Hyde Park, NY-based retail REIT Kimco Realty Corp., GlobeSt.com has learned.
Under the deal, C&W served as the exclusive advisor to a subsidiary of Kimco Income Operating Partnership L.P. The loan was provided by the US banking subsidiary of an international financing company.
“This is a relatively low-leverage financing, but the loan has flexible pre-payment terms that were very attractive to Kimco and its partners,” says Mark Ehlinger, a managing director at C&W Sonnenblick Goldman.
The shopping center, situated on the north side of Forest Avenue between Barrett and Decker Avenues, is located in a populous area with nearly 77,000 households within a three-mile radius. Originally opened in 1957 as Forest Avenue Shoppers Town, it was purchased by a subsidiary of KIOP in 2000 from Phillips International, according to online property records. The center is 95% occupied and anchored by TJ Maxx, Michael’s, CVS and Party City.
KIOP, a joint venture between Kimco Realty Corp. and several institutional investors, owns 59 neighborhood and community shopping centers in 18 states across the country.
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