Portland, ME Holliday Fenoglio Fowler, L.P. (HFF) has closed the $16.5 million sale of and secured $12.635 million in financing for Mallside Plaza, a 98,948 s/f shopping center.
HFF marketed the property on behalf of the seller, Kimco Realty Corp., and procured the buyer, Northeast Capital Group of Rampo, New York. Additionally, HFF worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan through Katahdin Trust Company.
Located at 198 Maine Mall Rd., Mallside Plaza has visibility from I-95 and is adjacent to the regional Maine Mall, which extends the property’s trade area out to 30 miles and more than 460,000 people. The fully leased property is anchored by DSW Shoe Warehouse, Five Below, Guitar Center, Dollar Tree and Mattress Firm and is shadow-anchored by Dick’s Sporting Goods. The sale also included an outparcel single-tenant building net leased to a top-performing Five Guys Burgers.
The HFF investment sales team representing the seller was led by senior managing director Jim Koury.
HFF’s debt placement team was led by senior director Porter Terry.
Kimco Realty Corp. is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of June 30, 2017, the company owned interests in 510 U.S. shopping centers comprising 84 million square feet of leasable space across 32 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years.
Northeast Capital Group (NECG) is a private equity investment group based in Ramapo, New York and led by CEO Joel Kiss who founded the firm in 2008. NECG actively buys and operates stable and value-add commercial real estate with an emphasis on well-located anchored shopping centers and office buildings in primary and secondary markets around the country. NECG seeks to invest in properties which are fundamentally strong with superb market position/location, property access and national/credit tenancy, and have significant value-add opportunities.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.
