Courtesy the Shops at Atlas Park
Atlas Park Acquired in $750M Retail Push
Ashkenazy Acquisition Corporation has acquired The Shops at Atlas Park, an open-air shopping center in the Glendale neighborhood of Queens, New York, as part of a larger $750 million strategy to invest in and revitalize top-tier retail properties across the United States.
The private real estate firm, led by developer Ben Ashkenazy, purchased the 374,000-square-foot lifestyle center from California-based Macerich Co. and a partner. While the sale price was not disclosed, analysts at Evercore ISI previously estimated the property would sell for about $70 million. Macerich originally acquired the property in a foreclosure sale for $54 million in 2011.
Situated on 12 acres at the intersection of Cooper Avenue and 80th Street, The Shops at Atlas Park offers more than 1,400 parking spaces and is easily accessible from nearby thoroughfares including Woodhaven Boulevard, Metropolitan Avenue, and the Jackie Robinson Parkway. It is also served by public transit, making it a convenient destination for local shoppers.
The center is currently 97% leased and features a mix of national and regional tenants including TJMaxx, Foot Locker, HomeGoods, Regal Cinemas, New York Sports Club, and Corndogs by Mr. Cow. Its tenant mix and high occupancy make it one of the few open-air lifestyle centers in the borough, offering a distinct alternative to enclosed malls.
The acquisition was financed by ACORE Capital, which was selected after more than 15 lenders submitted competitive bids for the deal. The strong interest in financing underscores continued investor appetite for well-located retail assets with stable cash flow.
The Shops at Atlas Park carries a $65 million mortgage with a 9.5% interest rate that matures in 2026. Meanwhile, Macerich’s stock has fallen 15% since the beginning of the year. Despite this, the firm continues to own and operate other high-performing properties in New York City, including Queens Center in Elmhurst and Kings Plaza in Brooklyn.
Ashkenazy Acquisition, headquartered in New York, has a long history of acquiring, redeveloping, and managing marquee retail properties in major urban markets. Its current holdings include Bayside Marketplace in Miami, Shops at Rivercenter in San Antonio, The Shops at the Bravern in Seattle, Beverly Connection in Los Angeles, Cross County Mall in Yonkers, and Vernon Hills in Westchester County, among others.
With over 100 properties totaling more than 15 million square feet, Ashkenazy’s portfolio spans the United States, Canada, and the United Kingdom.
