BOSTON– Holliday Fenoglio Fowler, L.P. announced that it has closed the $16.5 million sale of and secured $12.635 million in financing for Mallside Plaza, a 98,948-square-foot shopping center in South Portland, Maine.
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 Road, Mallside Plaza has direct visibility from Interstate 95 and is adjacent to the super 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.
HFF’s debt placement team was led by senior director Porter Terry.
Kimco Realty Corp. (NYSE: KIM) 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.
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.
Katahdin Trust Company, established in 1918, provides banking services to individuals and businesses from sixteen offices throughout Maine.