So now we know the buyer of Broadway Mall in Hicksville, NY, what had been Vornado Realty Trust's last shopping center holding on Long Island. Private equity KKR has announced that on behalf of its clients and affiliates including its own KKR Financial Holdings LLC, it acquired the mall for $94 million in partnership with Broadway Mall Pacific (a partnership between Pacific Retail Capital Partners, Clifton Realty and Peter Fair of Continuum Partners).
In other words, what had been a mall owned by a public company has now gone private. These days, that's not all that unusual – REITs routinely go through their portfolios and sell off the weaker properties, often to privately held owner/managers who specialize in turnarounds.
Despite its location in a greatly underserved and affluent market in Nassau County, Broadway Mall fits the definition. The 1.1 million-square-foot center produced approximately $300 million in sales last year, according to the KKR announcement. But it is 92.6 percent occupied and is home to the only IKEA in the county.
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