News Summary

Ashkenazy Acquisition Corp. has acquired The Shops at Atlas Park in Glendale for $72 million. This 374,000-square-foot retail space features a variety of tenants and aims for a major revamp to enhance its appeal. With strong occupancy rates and community engagement, the revitalization is expected to bring more shopping options and job opportunities to the local area.

Ashkenazy Acquisition Corp. Purchases The Shops at Atlas Park in Queens for $72 Million, Plans Major Revamp

Queens, New York—Ashkenazy Acquisition Corp. has purchased The Shops at Atlas Park, a 374,000-square-foot shopping center in Glendale, for $72 million. This acquisition supports Ashkenazy’s ongoing strategy to acquire and renovate retail spaces throughout the United States.

The Shops at Atlas Park, opened in 2006, is designed as a mixed-use lifestyle center. It boasts a variety of key tenants, including Regal Cinemas, T.J. Maxx, HomeGoods, Ulta Beauty, and NY Sports Club. Other tenants enriching the shopping experience include California Pizza Kitchen, Foot Locker, T-Mobile, The UPS Store, Five Below, Starbucks Coffee, and Cold Stone Creamery. In addition to shopping and dining, the center features a 10,000-square-foot green space for community events and 52,000 square feet of office space.

The financing for the acquisition was successfully secured from ACORE Capital, which outmaneuvered over 15 lenders to clinch the deal. The prior owners, Macerich and an undisclosed partner, placed the property on the market as part of a larger strategy to reduce their $2 billion debt load. Macerich had owned the property since 2011 when it was acquired via a foreclosure sale.

The location of The Shops at Atlas Park at the intersection of Cooper Avenue and 80th Street, near St. John Cemetery, is favorable for attracting shoppers. Despite the ongoing challenges in the retail sector, the shopping center maintains an occupancy rate of 85.1%, which indicates a strong level of interest from retailers. The site also includes 1,400 parking spaces for visitors, enhancing accessibility.

Joe Press, the chief operating officer of Ashkenazy, expressed optimism regarding the future of the property, stating plans to upgrade it into a premier lifestyle destination. Ashkenazy Acquisition Corp. has a recognized portfolio of high-profile properties, which includes Bayside Marketplace in Miami and the Shops at Rivercenter in San Antonio. The purchase of The Shops at Atlas Park represents the initial transaction from a $750 million investment pool that Ashkenazy has assembled.

Macerich’s current financial situation has been concerning, as demonstrated by a 15% decline in its stock value this year. Additionally, The Shops at Atlas Park operates under a $65 million mortgage with a 9.5% interest rate that is due next year, indicating financial pressures for the former owners.

The revitalization of The Shops at Atlas Park is anticipated to contribute positively to the local community by enhancing shopping options, creating jobs, and attracting more visitors, further embedding the center as a vital part of Glendale’s urban landscape.

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