Ashkenazy Buys Queens Retail Asset
The firm plans renovations for its new property.
Ashkenazy Acquisition Corp. has purchased The Shops at Atlas Park, a 374,000-square-foot retail property in Queens, N.Y., from Macerich and a partner. The firm plans to renovate and modernize the shopping center. ACORE Capital financed the deal.
The sale comes after Macerich paid $290 million for a Class A mall occupying 1.3 million square feet in Raleigh, N.C. That asset brought the firm’s national portfolio, which also includes the 1.8 million-square-foot Tysons Corner Center in Tysons, Va., to nearly 40 retail centers.
A Queens retail center
The Shops at Atlas Park previously traded for $54 million in 2011, according to Yardi Research Data. In 2022, the property became subject to a 10-year, $65 million loan originated by CIM Group.
The mall opened in 2006. Major retail tenants include Regal Cinemas, HomeGoods, T.J. Maxx, New York Sports Club and Ulta Beauty, along with dining options such as California Pizza Kitchen, Chili’s, Cold Stone Creamery and Subway.
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The shopping center occupies 12 acres at the corner of Cooper Avenue and 80th Street in the Glendale neighborhood. The location is close to Woodhaven Boulevard, Metropolitan Avenue and Jackie Robinson Parkway.
The transaction is the latest iteration in Asheknazy’s strategy to acquire and update assets throughout the country. The company also owns Vernon Hills Center in Scarsdale, N.Y., Cross County Mall in Yonkers, N.Y., Bayside Marketplace in Miami, Shops at Rivercenter in San Antonio and Beverly Connection in Los Angeles.
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