Wednesday, April 10, 2013 9:51:34 AM
4:15 PM 4/9/2013 - Business Wire
NEW YORK--(BUSINESS WIRE)--Apr. 9, 2013-- KKR today announced that affiliates and clients of KKR, including KKR Financial Holdings LLC ("KFN") (NYSE: KFN), in partnership with Colonie Pacific, acquired Colonie Center (“Colonie” or “the Center”). Financial terms of the transaction were not disclosed.
Colonie is a 1.3 million square foot super-regional mall with over 113 stores that sit on 91 acres in Albany, New York. The Center, located directly off of I-87 at the intersection of Wolf Road and Central Avenue where an average of 117,000 vehicles pass daily, benefits from being in a high-traffic area and within two miles of the University at Albany. The property generates an estimated $245 million in retail sales, including anchors with specialty retail stores producing an estimated $400 per square foot.
Anchored by Macy’s, Boscov’s and Sears, the mall features a strong line-up of national retailers, including Aeropostale, American Eagle, Christmas Tree Shops, Express, Sephora and Victoria’s Secret. Colonie also has a 13-screen Regal Cinemas and a Whole Foods that is anticipated to open in 2014.
In 2007, Colonie Center underwent a significant renovation that incorporated a “lifestyle” retail component and an improved streetscape and attracted national destination tenants such as L.L. Bean, P.F. Chang’s and Cheesecake Factory.
KKR and Colonie Pacific, a partnership between Pacific Retail Capital Partners, Collarmele Partners and Peter Fair (Continuum Partners), plan to make additional capital investments and will also focus on attracting new tenants to the market.
Ralph Rosenberg, a Member of KKR and Head of the firm’s Real Estate group, stated: “Colonie is an institutional-quality asset with tailwinds from a significant recent renovation. With additional investment and a revamped leasing strategy, Colonie will be an even more attractive home for current and prospective retailers in Albany. The transition in ownership will be seamless for shoppers, and our goal is to make the shopping experience even better than it is today.”
Colonie is KKR’s third retail real estate investment since 2011 and ninth overall. 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.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $75.5 billion in assets under management as of December 31, 2012. 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 investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR's website at www.kkr.com.
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