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...
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 in 2013. 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. Ralph 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 15 th 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 acquisition opportunities. Kirkland & Ellis LLP served as legal counsel to KKR and KKR Capital Markets LLC acted as an arranger for financing for the Partnership.