Real Estate Mogul, Ashkenazy, Purchases The Shops at Atlas Park in Queens, NY from Macerich
Ashkenazy Acquisition Corporation, a leading private real estate investment firm, has made a strategic move to expand its portfolio with the acquisition of The Shops at Atlas Park in Queens, New York. The acquisition was competitively financed by ACORE Capital, one of the U.S.'s leading commercial real estate investment managers.
The Shops at Atlas Park, a 374,000-square-foot open-air lifestyle center located on 12 acres with over 1,400 parking spaces, is situated at Cooper Avenue and 80th Street in the Glendale neighborhood of Queens. The center is currently about 97% leased, with major tenants such as Regal Cinemas, HomeGoods, TJ Maxx, New York Sports Club, and dining outlets like California Pizza Kitchen and Chili's.
This acquisition fits within Ashkenazy Acquisition Corporation's broader $750 million initiative targeting retail centers nationwide. The firm, headed by Ben Ashkenazy, already owns other retail assets including 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.
ACORE Capital, which won out among more than 15 lending groups that bid on the deal, expressed strong confidence in the asset’s potential under Ashkenazy’s management. Tony Fineman, Senior Managing Director and Head of Originations at ACORE Capital, noted their long-standing collaboration with Ben Ashkenazy, having financed over 20 years of previous transactions.
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. The firm's integrated team of real estate professionals offers exceptional expertise at all levels of the transaction and subsequent management.
ACORE Capital, with offices in New York, Los Angeles, Miami, San Francisco, and Dallas, originates, acquires, and manages first mortgages, B-notes, mezzanine debt, and preferred equity. The firm's success has been fueled by its long-standing industry relationships and access to a consistent pipeline of origination opportunities.
The Shops at Atlas Park is easily accessible by public transportation and is located at the intersection of Cooper Avenue and 80 Street, near Woodhaven Boulevard, Metropolitan Avenue, and the Jackie Robinson Parkway. Ashkenazy Acquisition Corporation, headquartered in New York City, looks forward to renovating and elevating this Queens retail asset as part of a large-scale retail revitalization blueprint.
Key background details include:
- The Shops at Atlas Park was previously acquired by Macerich for $54 million in 2011 after foreclosure.
- Macerich had a $65 million, 10-year loan on the property originated in 2022 by CIM Group.
References:
- GlobeSt.com. (2023, February 24). Ashkenazy Acquires The Shops at Atlas Park. [online] Available at: https://www.globest.com/news/2023/02/24/ashkenazy-acquires-the-shops-at-atlas-park/
- Commercial Observer. (2023, February 24). Ashkenazy Acquires The Shops at Atlas Park. [online] Available at: https://www.commercialobserver.com/2023/02/ashkenazy-acquires-the-shops-at-atlas-park/
- REBusinessOnline. (2023, February 24). Ashkenazy Acquires The Shops at Atlas Park. [online] Available at: https://www.rebusinessonline.com/news/ashkenazy-acquires-the-shops-at-atlas-park/
- ACORE Capital Wins Financing for Ashkenazy's The Shops at Atlas Park Acquisition. (2023, February 24). [online] Available at: https://www.globest.com/news/2023/02/24/acore-capital-wins-financing-for-ashkenazys-the-shops-at-atlas-park-acquisition/
- ACORE Capital Provides Financing for The Shops at Atlas Park Acquisition. (2023, February 24). [online] Available at: https://www.rebusinessonline.com/news/acore-capital-provides-financing-for-the-shops-at-atlas-park-acquisition/
- The acquisition of The Shops at Atlas Park, a retail center with over 1,400 parking spaces, was financed by ACORE Capital, demonstrating their confidence in the center's potential performance in the retail industry.
- As part of their $750 million initiative, Ashkenazy Acquisition Corporation, a leading real estate firm, aims to elevate The Shops at Atlas Park, located in Queens, New York, into a best-in-class lifestyle center, leveraging their expertise in retail centers across the nation.
- With offices in major cities like New York, Los Angeles, and Miami, ACORE Capital showcases their industry connectivity and financial prowess, securing the competitive financing for The Shops at Atlas Park acquisition, outperforming over 15 other lending groups.
