JV Buys $19M NY Shopping Center

DDR sold the 174,642-square-foot Southern Tier Crossing in Horseheads, N.Y., which is currently 89 percent leased to tenants including Dick's Sporting Goods, PetSmart, Five Below and Buffalo Wild Wings.
Southern Tier Crossing, Horseheads, N.Y.

A joint venture between DRA Advisors and DLC Management Corp. has purchased Southern Tier Crossing, a retail power center in Horseheads, N.Y., for $18.5 million. NKF Capital Markets represented the seller, DDR, in the transaction.

Situated within a 522,734-square-foot power center, the 174,642-square-foot Southern Tier Crossings is currently 89 percent occupied. Notable tenants include its anchor Dick’s Sporting Goods, PetSmart, Five Below, Buffalo Wild Wings, Aspen Dental, Jo-Ann Fabric, Ulta Beauty, Men’s Warehouse and Lane Bryant. The property also shares access with shadow anchors Walmart, ALDI and Kohl’s. The shopping center combines with four other adjacent retail centers to form a super-regional retail cluster, catering to a five- and 10-mile population range of 39,400 to 89,700 people.

NKF Capital Markets’ Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Geoffrey Millerd and Managing Director Justin Smith, oversaw the deal on behalf of the seller.

“As the single largest power center in the immediate trade area, Southern Tier Crossing has attracted a host of category-leading retailers,” said Smith, in prepared remarks. “The asset also features the ability to drive NOI growth via leasing existing vacant spaces and monetizing the development parcel adjacent to Walmart.”

Image courtesy of NKF Capital Markets