Octave Holdings Expands Real Estate Fund Portfolio with New York Acquisition

Octave Holdings and Investments LLC, a privately held real estate investment company, has acquired Freedom Plaza in Rome, New York on behalf of its real estate investment fund, Octave Realty Fund IX LLC, a Regulation D private placement offering that seeks to raise $40 million of equity from accredited investors.

The firm purchased the property for approximately $13.5 million from DRA Advisors. Freedom Plaza is Octave’s sixth acquisition of 2023.

According to a recent release from Octave, Freedom Plaza, located at the southwest corner of Erie Boulevard and James Street, is a 197,219-square-foot, grocery-anchored center which is 96% occupied. The center is comprised of many national tenants, including Grand Union Supermarket, Marshalls, Hobby Lobby, Pet Supplies Plus, Dollar Tree, T-Mobile, and several others.

Sridhar Marupudi, Octave’s CEO, commented, “Freedom Plaza is our first purchase in the state of New York. We are excited to add such a great grocery-anchored power center to our portfolio.”

“We are excited to acquire Freedom Plaza which aligns with our strategy to acquire dominant grocery-anchored and shadow-anchored power centers,” commented Scott Henard, Octave’s EVP and director of acquisitions. “Freedom Plaza is comprised of all national tenants and will soon welcome the opening of Hobby Lobby, which signed a new 10-year lease. Additionally, there is national tenant interest for the remaining vacancy.  Freedom Plaza will be a strong performer for us as our first retail center in New York!”

Freedom Plaza will be professionally managed by Octave’s dedicated in-house property management company, Pinnacle Leasing and Management.

Octave Holdings and Investments, LLC is a privately held real estate investment company that owns, operates, and manages, a portfolio of over 48 commercial real estate assets in thirteen states valued at approximately $600 million.

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