Months after putting it on the market, Blackstone found a buyer at the desired price point for The Shops at Skyview in Queens.
A joint venture between TPG and Acadia Realty Trust is purchasing the Flushing retail complex for roughly $425 million, Bloomberg reported. That’s the same price Blackstone reportedly sought when it first publicly marketed the property in July.
A Newmark team of Adam Spies, Adam Doneger and Ben Lushing is representing Blackstone in the deal, which has not yet closed. None of the parties commented on the pending transaction.
The shopping center at 40-24 College Point Boulevard is anchored by a grocery store, spans 550,000 square feet and is almost fully leased.
The property features a pair of three-story buildings and 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 for 80,000 square feet.
Roughly 184,000 square feet of leases were executed in the last year and a half; approximately 12 million people visit the complex annually.
Blackstone bought the complex in 2015 from Onex Real Estate Partners for $400 million, making its first move into the Queens neighborhood. Onex constructed the 14-acre complex with original partner Muss Development, buying Muss out a year before the sale to Blackstone.
In 2021, Morgan Stanley originated a $285 million loan for the property, 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.
TPG recently raised $2.1 billion for its Real Estate Credit Opportunities fund, exceeding a $1.5 billion target. The fund has deployed $426 million worth of equity investments in more than a dozen assets across the country, mostly in the multifamily and industrial sectors.Â
As for Acadia, the Westchester-based firm sold 640 Broadway in Noho to German investor Pamera North America for $49.5 million in September.
— Holden Walter-Warner
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Blackstone looking to offload Flushing retail complex for $425M
TPG raises $2.1B for real estate credit fund
Acadia Realty Trust sells mixed-use Noho property for $50M
