{"id":1004695987,"date":"2023-12-29T04:16:31","date_gmt":"2023-12-29T12:16:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004695987"},"modified":"2023-12-29T04:16:33","modified_gmt":"2023-12-29T12:16:33","slug":"dra-advisors-sells-grocery-anchored-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-center\/","title":{"rendered":"DRA Advisors Sells Grocery-Anchored Shopping Center"},"content":{"rendered":"
\"Grand<\/a>

Grand Union Supermarket at Freedom Plaza. Image courtesy of Octave Holdings and Investments<\/em><\/p><\/div>\n

Octave Holdings<\/strong> and Investments LLC<\/strong> has entered the New York retail market with the acquisition of Freedom Plaza, a 197,219-square-foot grocery-anchored shopping center in Rome, N.Y., from DRA Advisors<\/strong>.<\/p>\n

The price of the transaction was not disclosed. The purchase, made through Octave Realty Fund IX LLC, was Octave\u2019s sixth acquisition in 2023. In May, the Alpharetta, Ga.,-based real estate investment firm announced two acquisitions\u2014Lakeland Plaza, 301,766-square-foot grocery-anchored shopping center in Cumming, Ga., and Maple Hill Pavilion, a 276,397-square-foot power center and Target shadow-anchored center in Kalamazoo, Mich.<\/p>\n

\n

READ ALSO<\/strong>: Retail Leasing\u2019s Space Race<\/a><\/p>\n

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Located at the southwest corner of Erie Boulevard and James Street, Freedom Plaza is 96 percent occupied with a strong lineup of national tenants including Grand Union Supermarket, Marshall\u2019s, Hobby Lobby, Pet Supplies Plus, Dollar Tree and T-Mobile.<\/p>\n

DRA Advisors acquired the shopping center<\/a> in October 2016 in a joint venture with DLC Management Corp<\/strong>. that purchased a portfolio of 16 retail centers totaling approximately 4.9 million square feet from DDR Corp<\/strong>. for $390 million.<\/p>\n

Octave\u2019s retail strategy<\/h2>\n

Sridhar Marupudi, Octave\u2019s CEO, said in a prepared statement Freedom Plaza is the privately held firm\u2019s first purchase in New York. He said the company was excited to add such a great power center to its portfolio. The company owns, operates and manages a portfolio of more than 48 commercial real estate assets in 13 states valued at approximately $600 million, including retail, hospitality, multifamily, office and recreation properties.<\/p>\n

Scott Henard, Octave\u2019s EVP & director of acquisitions, said in prepared remarks Freedom Plaza aligns with the firm\u2019s strategy to acquire dominant grocery-anchored and shadow-anchored power centers. Henard noted Freedom Plaza has all national tenants, including its newest addition\u2014Hobby Lobby, which signed a 10-year lease. He said there is additional interest in the center\u2019s remaining vacancy and expects Freedom Plaza to be a strong performer for the firm.<\/p>\n

DRA Advisors deals<\/h2>\n

Freedom Plaza is not the only recent disposition for New York-based DRA Advisors. Earlier this month, the firm sold Chestnut Court, a 172,697-square-foot retail center in Darien, Ill<\/a>., to First-Tek Inc. DRA Advisors had owned the asset since 1998, when it acquired Chestnut Court for $16.1 million, according to CommercialEdge data. In November, DRA Advisors sold Four Flaggs<\/a>, a 326,084-square-foot retail center in Niles, Ill., to Nassimi Realty for $20.5 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

This transaction marks the buyer\u2019s entry into the New York market.<\/p>\n","protected":false},"author":1068,"featured_media":1004695996,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21749],"tags":[33919],"class_list":["post-1004695987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-retail","tag-dra-advisors-llc"],"acf":[],"yoast_head":"\nDRA Advisors Sells Grocery-Anchored Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Octave Holdings and Investments entered the New York retail market with the acquisition of Freedom Plaza in Rome, N.Y., from DRA Advisors.\" \/>\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\/dra-advisors-sells-grocery-anchored-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DRA Advisors Sells Grocery-Anchored Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Octave Holdings and Investments entered the New York retail market with the acquisition of Freedom Plaza in Rome, N.Y., from DRA Advisors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-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=\"2023-12-29T12:16:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-29T12:16:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/Grand-Union-Supermarket-at-Freedom-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\/dra-advisors-sells-grocery-anchored-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-center\/\",\"name\":\"DRA Advisors Sells Grocery-Anchored Shopping Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/Grand-Union-Supermarket-at-Freedom-Plaza.jpg\",\"datePublished\":\"2023-12-29T12:16:31+00:00\",\"dateModified\":\"2023-12-29T12:16:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"Octave Holdings and Investments entered the New York retail market with the acquisition of Freedom Plaza in Rome, N.Y., from DRA Advisors.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-grocery-anchored-shopping-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/Grand-Union-Supermarket-at-Freedom-Plaza.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/Grand-Union-Supermarket-at-Freedom-Plaza.jpg\",\"width\":799,\"height\":600,\"caption\":\"Grand Union Supermarket at Freedom Plaza. 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