Blackstone is ready to flush away a Queens retail complex to a different owner.
The firm is marketing The Shops at Skyview in Flushing, the Commercial Observer reported. The retail complex at 40-24 College Point Boulevard is anchored by a grocery store, spans 550,000 square feet and is fully leased.
The property consists of a pair of three-story buildings, as well as a parking garage that fits more than 2,600 vehicles. It’s part of a larger 3 million-square-foot complex that includes nearly 1,200 apartments and 50,000 square feet of medical space.
Tenants at the retail complex include BJ’s Wholesale Club, Sky Zone, Marshalls, Sky Foods and Burlington; late last year, Round1 Bowling & Arcade signed a lease to take 80,000 square feet. A standalone Target on the site of the larger complex is not part of the listing.
Approximately 184,000 square feet of leases have been executed in the last year and a half. Roughly 12 million people visit the complex annually.
The property is expected to be sold for around $425 million. Institutional investors, wealthy individuals and foreign investors are expected to bid on the property.
A Newmark team including Adam Spies, Adam Doneger and Conor Lalor are marketing the property. The listing was first reported by Commercial Mortgage Alert.
Blackstone and Newmark both declined to comment to the Observer.
Blackstone purchased the complex in 2015 from Onex Real Estate Partners for $400 million, making its first move into the Queens neighborhood. Onex built the 14-acre complex with original partner Muss Development, buying it out a year before the sale to Blackstone.
In 2021, Morgan Stanley originated a $285 million loan for the property, which was securitized into a single-asset commercial-mortgage backed securities transaction.
The refinancing replaced $306 million in existing debt provided by Morgan Stanley in 2016. Blackstone also agreed to contribute an additional $45 million in equity to the deal.
— Holden Walter-Warner
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