KKR to Invest in Broadway Mall
February 26 2014 - 4:05PM
Business Wire
KKR today announced that affiliates and clients of KKR,
including KKR Financial Holdings LLC ("KFN") (NYSE:KFN), in
partnership with Broadway Mall Pacific (collectively, the
“Partnership”), acquired Broadway Mall ("Broadway” or the
“Property”) from Vornado Realty Trust. Financial terms of the
transaction were not disclosed.
Broadway Mall is a 1.1 million square foot regional mall with
over 100 stores situated on 76 acres in Hicksville, New York
(Nassau County, Long Island). The Property, which is a half mile
south of both Northern State Parkway and Long Island Expressway, is
located along Route 106/107, a highly-trafficked area where an
average of 58,000 vehicles pass daily.
The Property is anchored by Target, IKEA and Macy’s. Other key
tenants include Forever 21, H&M, Old Navy, Hollister,
Victoria’s Secret, American Eagle, Panera Bread and Buffalo Wild
Wings. The Property produced approximately $300 million in
estimated aggregate retail sales in 2013.
KKR and Broadway Mall Pacific, a partnership between Pacific
Retail Capital Partners, Clifton Realty and Peter Fair of Continuum
Partners, plan to implement a capital improvement program focused
on improving the customer experience and attracting new
tenants.
Ralph Rosenberg, a Member of KKR and Global Head of Real Estate,
stated “Broadway Mall is an institutional quality asset in an
irreplaceable location within a strong trade area. With a targeted
capital improvement program and a revamped leasing strategy,
Broadway will be a more attractive home for current and prospective
retailers in Long Island. Broadway has almost 60 years of history
operating in the Long Island community, and our goal is to make the
shopping experience even better than it is today."
Broadway Mall is KKR’s third regional mall investment and the
firm’s 15th real estate fund investment since 2011. KKR's real
estate investment team seeks to partner with real estate owners,
lenders, operators and developers to provide flexible capital to
respond to transaction-specific needs, including the outright
purchase or financing of existing assets or companies and the
funding of future development or acquisition opportunities.
Kirkland & Ellis LLP served as legal counsel to KKR and KKR
Capital Markets LLC acted as an arranger for financing for the
Partnership.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR
is a leading global investment firm with $94.3 billion in assets
under management as of December 31, 2013. With offices around the
world, KKR manages assets through a variety of investment funds and
accounts covering multiple asset classes. KKR seeks to create value
by bringing operational expertise to its portfolio companies and
through active oversight and monitoring of its investments. KKR
complements its investment expertise and strengthens interactions
with fund investors through its client relationships and capital
markets platform. KKR & Co. L.P. is publicly traded on the New
York Stock Exchange (NYSE:KKR) and “KKR”, as used in this release,
includes its subsidiaries, their managed investment funds and
accounts, and/or their affiliated investment vehicles, as
appropriate. For additional information, please visit KKR’s website
at www.kkr.com.
MediaKKRKristi Huller,
1-212-230-9722Kristi.Huller@kkr.com
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