Cruz, O’Hearn, Oliver and Simonelli of HFF close $12 million sale
Galleria at Crystal Run,100-1300 North Galleria Drive - Middletown, NY
Jose Cruz, HFFMiddletown, NY Holliday Fenoglio Fowler, L.P. has closed the $12 million sale of Galleria at Crystal Run, an 80,000 s/f retail power center that is 100% leased to Best Buy and Christmas Tree Shops. It is located at 100-1300 North Galleria Dr. HFF marketed the property on behalf of the seller, Kimco Realty Corp. The buyer was private and purchased the asset free and clear of existing debt in an all-cash transaction that was part of a 1031 exchange.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli.
“The property provides a strong cash flow from two well-known tenants,” Cruz said. “That stability was very attractive to the buyer pool.”
The property is an outparcel to the adjacent 1.2 million s/f Galleria at Crystal Run Mall, which is anchored by Macy’s, Target, H&M, Dick’s Sporting Goods, Sears, AMC Theaters and JCPenney and has 12 million annual visitors. The building is off of Rte.17 and near Exit 4W of I-84 in a large trade area that draws from a population of more than 270,000, with an average household income of $92,180. Built in 2000, the building is situated on 10.1 acres.