Grand Union Grocery store at Freedom Plaza. Picture courtesy of Octave Holdings and Investments
Octave Holdings and Investments LLC has entered the New York retail market with the acquisition of Freedom Plaza, a 197,219-square-foot grocery-anchored purchasing heart in Rome, N.Y., from DRA Advisors.
The worth of the transaction was not disclosed. The acquisition, made by means of Octave Realty Fund IX LLC, was Octave’s sixth acquisition in 2023. In Might, the Alpharetta, Ga.,-based actual property funding agency introduced two acquisitions—Lakeland Plaza, 301,766-square-foot grocery-anchored purchasing heart in Cumming, Ga., and Maple Hill Pavilion, a 276,397-square-foot energy heart and Goal shadow-anchored heart in Kalamazoo, Mich.
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Situated on the southwest nook of Erie Boulevard and James Avenue, Freedom Plaza is 96 p.c occupied with a powerful lineup of nationwide tenants together with Grand Union Grocery store, Marshall’s, Pastime Foyer, Pet Provides Plus, Greenback Tree and T-Cell.
DRA Advisors acquired the purchasing heart in October 2016 in a three way partnership with DLC Administration Corp. that bought a portfolio of 16 retail facilities totaling roughly 4.9 million sq. toes from DDR Corp. for $390 million.
Octave’s retail technique
Sridhar Marupudi, Octave’s CEO, mentioned in a ready assertion Freedom Plaza is the privately held agency’s first buy in New York. He mentioned the corporate was excited so as to add such an amazing energy heart to its portfolio. The corporate owns, operates and manages a portfolio of greater than 48 business actual property property in 13 states valued at roughly $600 million, together with retail, hospitality, multifamily, workplace and recreation properties.
Scott Henard, Octave’s EVP & director of acquisitions, mentioned in ready remarks Freedom Plaza aligns with the agency’s technique to accumulate dominant grocery-anchored and shadow-anchored energy facilities. Henard famous Freedom Plaza has all nationwide tenants, together with its latest addition—Pastime Foyer, which signed a 10-year lease. He mentioned there’s extra curiosity within the heart’s remaining emptiness and expects Freedom Plaza to be a powerful performer for the agency.
DRA Advisors offers
Freedom Plaza just isn’t the one latest disposition for New York-based DRA Advisors. Earlier this month, the agency offered Chestnut Court docket, a 172,697-square-foot retail heart in Darien, In poor health., to First-Tek Inc. DRA Advisors had owned the asset since 1998, when it acquired Chestnut Court docket for $16.1 million, in line with CommercialEdge information. In November, DRA Advisors offered 4 Flaggs, a 326,084-square-foot retail heart in Niles, In poor health., to Nassimi Realty for $20.5 million.
