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KKR partnership is Broadway Mall buyer
The Broadway Mall in Hicksville was purchased by a partnership between private equity giant KKR & Co. and a trio of real estate investment firms, according to a news release from Cushman & Wakefield, the brokerage on the deal.
The mall's owner, Manhattan-based Vornado Realty Trust, announced the $94 million sale two weeks ago, but did not disclose the buyer. The deal was expected to close this quarter. Vornado bought the 1.14 million square-foot shopping center for $57 million in 2005.
Broadway Mall is home to Long Island's only Ikea home furnishing store, and anchored by major retail tenants like Macy’s, Target, Forever 21 and H&M. KKR and its partner on the deal, Broadway Mall Pacific, will implement a capital improvement plan to better customer experience attract tenants, the firm said. The mall had an occupancy of 92.6 percent in November, according to its sale listing.
KKR has been steadily ramping up its real estate interests since the formation of its real estate team in 2011. The Broadway Mall will be its 15th investment since then and part of its $1.5 billion real estate-focused fund that the firm finished raising in December.
Broadway Mall Pacific is a group made up of Pacific Retail Capital Partners, Clifton Realty and Peter Fair of Continuum Partners, according to the Cushman news release.