Real estate mogul Ashkenazy acquires shopping center The Shops at Atlas Park, located in Queens, New York, from Macerich.
Ashkenazy Acquires The Shops at Atlas Park in Queens, NY
The Shops at Atlas Park, a 374,000-square-foot open-air lifestyle centre located in Queens, NY, has been acquired by Ashkenazy Acquisition Corporation. This 12-acre property, boasting 1,400 parking spaces, is conveniently located at the intersection of Cooper Avenue and 80 Street, near Woodhaven Boulevard, Metropolitan Avenue, and the Jackie Robinson Parkway, making it easily accessible by public transportation.
Joe Press, COO of Ashkenazy Acquisition Corporation, expressed excitement about enhancing and upgrading The Shops at Atlas Park into a best-in-class lifestyle center. Ashkenazy Acquisition Corporation specialises in the acquisition, development, asset management, and marketing of retail, hotel, and office assets. Their portfolio, which spans over 100 buildings totalling more than 15 million square feet, includes prestigious assets such as a portion of The Plaza Hotel and the former Barneys flagship in New York, as well as retail centers in Miami, Seattle, Los Angeles, and beyond.
Ashkenazy's strategy in acquiring and renovating retail destinations involves targeting properties owned by financially overleveraged owners facing market challenges, employing private capital pools, focusing on enhancing and upgrading acquired properties, identifying assets in markets with supply shortages and strong demand, and leveraging their experience and capital to capitalise on market dislocations.
The acquisition of The Shops at Atlas Park from Macerich, which had acquired it via foreclosure in 2011 and was looking to reduce debt, exemplifies this approach. Ashkenazy's plan is to upgrade and enhance the property, reinforcing their broader vision of creating premier retail environments. The Shops at Atlas Park is already a well-leased (97%) open-air shopping center with tenants like T.J. Maxx and New York Sports Club.
More than 15 lenders aggressively bid on the acquisition financing of The Shops at Atlas Park, with ACORE CAPITAL, LP ultimately emerging as the winner and providing the financing for the acquisition. ACORE CAPITAL, one of the leading U.S. commercial real estate investment managers with approximately $19 billion of assets under management, has offices in New York, Los Angeles, Miami, San Francisco, and Dallas.
Tony Fineman, Senior Managing Director and Head of Originations at ACORE CAPITAL, expressed strong conviction in the asset's potential with Ashkenazy as the sponsor. Ashkenazy Acquisition Corporation, headquartered in New York City, focuses on acquiring and renovating best-in-class retail assets throughout the United States.
Ashkenazy Acquisition Corporation's portfolio also includes Bayside Marketplace in Miami, Shops at Rivercenter in San Antonio, Shops at the Bravern in Seattle, Beverly Connection in Los Angeles, Cross County Mall in Yonkers, NY, Vernon Hills in Westchester, NY, and others.
For more information about ACORE CAPITAL, visit WWW.ACORECAPITAL.COM.
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