{"id":1004648214,"date":"2023-02-28T02:44:31","date_gmt":"2023-02-28T10:44:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004648214"},"modified":"2023-02-28T02:44:33","modified_gmt":"2023-02-28T10:44:33","slug":"acadia-dlc-recapitalize-new-york-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/acadia-dlc-recapitalize-new-york-retail-center\/","title":{"rendered":"Acadia, DLC Recapitalize New York Retail Center"},"content":{"rendered":"
\"People<\/a>

Image by Sung Jin Cho via Unsplash<\/p><\/div>\n

A joint venture of Acadia Realty Trust<\/strong> and DLC Management<\/strong> has obtained $36.1 million in financing for the recapitalization and repositioning of The Shoppes at South Hills, a 512,218-square-foot, grocery-anchored shopping center in Poughkeepsie, N.Y. JLL Capital Markets<\/strong> arranged the five-year, non-recourse, fixed-rate loan through Berkshire Bank<\/strong>.<\/p>\n

The Shoppes at South Hills\u2019 roster comprises 17 tenants with a combined weighted average lease term of 5 years. Main occupants include At Home (84,180 square feet), ShopRite (76,880 square feet), Hobby Lobby (49,838 square feet) and Christmas Tree Shops (37,526 square feet). Ashley Furniture Home Store Outlet, Bob’s Discount Furniture and Chuck E. Cheese also have leases at the property.<\/span><\/p>\n

Situated near the intersection of U.S. Highway 9 and Route 9D, within the Hudson Valley region, The Shoppes at South Hills sees approximately 54,400 daily in-transit commuters, according to JLL. The retail center, together with the neighboring Poughkeepsie Galleria Mall, are the\u00a0only two grocery-anchored properties<\/a> in the area, serving a population of 70,546 residents within a 5-mile radius.<\/p>\n

Executive Managing Director Mike Tepedino and Senior Director Stephen Van Leer led the JLL Capital Markets Debt Advisory team that brokered the deal on behalf of the owners.<\/p>\n

Plans to add self storage and residential components<\/h2>\n

As part of its repositioning, the joint venture is planning a multi-phased redevelopment for the property. This will entail transforming 80,275 square feet of existing space into a 60,000-square-foot self storage facility, set to include 600 units. Additionally, the new owner signed a Letter of Intent with a national homebuilder to acquire 14.5 acres of excess land, where it plans to build approximately 200 residential units.<\/p>\n

The way customers, retailers and operators utilize retail properties is undergoing a transformation, which is putting pressure on property owners to adapt to the changing landscape. To keep up with the constantly evolving sector, owners must reimagine the use of their space<\/a> and identify the optimal mix of uses for their properties.<\/p>\n

Earlier this year, Concord Wilshire Capital and TLG Investment Partners, in collaboration with CDS International Holdings and Hines, started the $850 million redevelopment<\/a> of Phoenix’s Metrocenter Mall. The 1.4 million-square-foot shopping center is being transformed into a master-planned, mixed-use property.<\/p>\n","protected":false},"excerpt":{"rendered":"

The joint venture plans to add a self storage facility at the property.<\/p>\n","protected":false},"author":3030,"featured_media":1004648217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,10,21749],"tags":[38205,34835,32796,37599],"class_list":["post-1004648214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-northeast","category-retail","tag-acadia-realty-trust","tag-dlc-management-corporation","tag-jll","tag-shoprite"],"acf":[],"yoast_head":"\nAcadia, DLC Recapitalize New York Retail Center - CPE<\/title>\n<meta name=\"description\" content=\"Acadia Realty Trust and DLC Management obtained $36.1 million for the recapitalization of The Shoppes at South Hills in Poughkeepsie, N.Y.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/acadia-dlc-recapitalize-new-york-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Acadia, DLC Recapitalize New York Retail Center\" \/>\n<meta property=\"og:description\" content=\"Acadia Realty Trust and DLC Management obtained $36.1 million for the recapitalization of The Shoppes at South Hills in Poughkeepsie, N.Y.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/acadia-dlc-recapitalize-new-york-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-28T10:44:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-28T10:44:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/sung-jin-cho-Hzlgz8t8Jug-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/acadia-dlc-recapitalize-new-york-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/acadia-dlc-recapitalize-new-york-retail-center\/\",\"name\":\"Acadia, DLC Recapitalize New York Retail Center - 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