Months after putting it on the market, Blackstone discovered a purchaser on the desired worth level for The Retailers at Skyview in Queens.
A three way partnership between TPG and Acadia Realty Belief is buying the Flushing retail complicated for roughly $425 million, Bloomberg reported. That’s the identical worth Blackstone reportedly sought when it first publicly marketed the property in July.
A Newmark staff of Adam Spies, Adam Doneger and Ben Lushing is representing Blackstone within the deal, which has not but closed. Not one of the events commented on the pending transaction.
The buying middle at 40-24 School Level Boulevard is anchored by a grocery retailer, spans 550,000 sq. ft and is sort of absolutely leased.
The property contains a pair of three-story buildings and a parking storage that matches greater than 2,600 automobiles. It’s half of a bigger 3 million-square-foot complicated that features practically 1,200 flats and 50,000 sq. ft of medical area.
Tenants on the retail complicated embody BJ’s Wholesale Membership, Sky Zone, Marshalls, Sky Meals and Burlington. Late final yr, Round1 Bowling & Arcade signed a lease for 80,000 sq. ft.
Roughly 184,000 sq. ft of leases had been executed within the final yr and a half; roughly 12 million individuals go to the complicated yearly.
Blackstone purchased the complicated in 2015 from Onex Actual Property Companions for $400 million, making its first transfer into the Queens neighborhood. Onex constructed the 14-acre complicated with unique accomplice Muss Improvement, shopping for Muss out a yr earlier than the sale to Blackstone.
In 2021, Morgan Stanley originated a $285 million loan for the property, securitized right into a single-asset commercial-mortgage-backed securities transaction. The refinancing changed $306 million in present debt supplied by Morgan Stanley in 2016. Blackstone additionally agreed to contribute a further $45 million in fairness to the deal.
TPG not too long ago raised $2.1 billion for its Actual Property Credit score Alternatives fund, exceeding a $1.5 billion goal. The fund has deployed $426 million price of fairness investments in additional than a dozen property throughout the nation, principally within the multifamily and industrial sectors.
As for Acadia, the Westchester-based agency bought 640 Broadway in Noho to German investor Pamera North America for $49.5 million in September.
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Blackstone looking to offload Flushing retail complex for $425M
TPG raises $2.1B for real estate credit fund
Acadia Realty Trust sells mixed-use Noho property for $50M
