KKR & Co. L.P.
KKR to Invest in Broadway Mall
NEW YORK--(BUSINESS WIRE)--
KKR today announced that affiliates and clients of KKR, including KKR
Financial Holdings LLC ("KFN") (NYSE:KFN), in partnership with Broadway
Mall Pacific (collectively, the "Partnership"), acquired Broadway Mall
("Broadway" or the "Property") from Vornado Realty Trust. Financial
terms of the transaction were not disclosed.
Broadway Mall is a 1.1 million square foot regional mall with over 100
stores situated on 76 acres in Hicksville, New York (Nassau County, Long
Island). The Property, which is a half mile south of both Northern State
Parkway and Long Island Expressway, is located along Route 106/107, a
highly-trafficked area where an average of 58,000 vehicles pass daily.
The Property is anchored by Target, IKEA and Macy's. Other key tenants
include Forever 21, H&M, Old Navy, Hollister, Victoria's Secret,
American Eagle, Panera Bread and Buffalo Wild Wings. The Property
produced approximately $300 million in estimated aggregate retail sales
KKR and Broadway Mall Pacific, a partnership between Pacific Retail
Capital Partners, Clifton Realty and Peter Fair of Continuum Partners,
plan to implement a capital improvement program focused on improving the
customer experience and attracting new tenants.
Rosenberg, a Member of KKR and Global Head of Real Estate, stated
"Broadway Mall is an institutional quality asset in an irreplaceable
location within a strong trade area. With a targeted capital improvement
program and a revamped leasing strategy, Broadway will be a more
attractive home for current and prospective retailers in Long Island.
Broadway has almost 60 years of history operating in the Long Island
community, and our goal is to make the shopping experience even better
than it is today."
Broadway Mall is KKR's third regional mall investment and the firm's 15th
real estate fund investment since 2011. KKR's real estate investment
team seeks to partner with real estate owners, lenders, operators and
developers to provide flexible capital to respond to
transaction-specific needs, including the outright purchase or financing
of existing assets or companies and the funding of future development or
Kirkland & Ellis LLP served as legal counsel to KKR and KKR Capital
Markets LLC acted as an arranger for financing for the Partnership.
Founded in 1976 and led by Henry
Kravis and George
Roberts, KKR is a leading global investment firm with $94.3 billion
in assets under management as of December 31, 2013. With offices around
the world, KKR manages assets through a variety of investment funds and
accounts covering multiple asset classes. KKR seeks to create value by
bringing operational expertise to its portfolio companies and through
active oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with fund investors
through its client relationships and capital markets platform. KKR & Co.
L.P. is publicly traded on the New York Stock Exchange (NYSE:KKR) and
"KKR", as used in this release, includes its subsidiaries, their managed
investment funds and accounts, and/or their affiliated investment
vehicles, as appropriate. For additional information, please visit KKR's
website at www.kkr.com.
Kristi Huller, 1-212-230-9722
News Provided by Acquire Media