Holliday Fenoglio Fowler, L.P. (HFF) announces the $27.6 million acquisition financing of Huntington Square Plaza, a 116,200-square-foot, fully leased, grocery-anchored center in the Long Island community of Huntington, New York.
The HFF team worked on behalf of the borrower, Sterling Organization, to place the 10-year, fixed-rate loan with John Hancock, which HFF will service. The HFF investment advisory team announced the sale of this property in September.
Completed in 2002, Huntington Square Plaza is home to Stop & Shop and Best Buy. Both credit-rated national retailers are original tenants of the center and have long-term leases. Situated on 10.87 acres at 3124-3126 Jericho Turnpike (New York Route 25), the center is located along the Jericho Turnpike retail corridor at Lakefield Road, one of the most highly traveled retail pockets within Suffolk County with approximately 40,500 vehicles per day. Huntington is an affluent community located on Long Island’s North Shore, and almost 75,000 residents earning an average annual household income of $149,589 live within three miles of Huntington Square Plaza.
The HFF debt placement team included senior managing director Chris Drew, senior director Nat Scarmazzi, managing director Michael Klein, senior managing director Andrew Scandalios and associate Matthew McCormack.
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in value-add retail real estate assets and stabilized/core grocery-anchored shopping centers in major markets across the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in Palm Beach, Florida. Visit http://www.sterlingorganization.com for more information.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.