Albany-Area Retail Center Trades for $15M
- Mar 03, 2017
Albany, N.Y.—HFF recently closed the sale of Columbia Plaza, a 137,647-square-foot retail center located in the Albany-area community of East Greenbush, N.Y. Nigro Co. acquired the asset free and clear of existing debt from a partnership between Capstone Realty Group and WP Realty for the price tag of $15.1 million.
HFF’s senior managing directors Jose Cruz and Andrew Scandalios, Managing Director Michael Oliver and Director Stephen Simmonelli led the investment sales team on behalf of the seller.
Situated on a 14.6-acre site at 501 Columbia Turnpike, Columbia Plaza is 3.5 miles southeast of Albany, one of the fastest growing areas in the state of New York. The three-building center completed in 1988 offers convenient access to Columbia Turnpike, which is easily accessible from interstates 8, 787 and 90.
At the time of the transaction, the asset was 89.3 percent leased, the tenant roster includes Price Chopper, Peebles, Dollar Tree, Pet Stop, Vineyard Wine & Spirit, and more.
The new owner plans to invest more than $21 million in renovations, including converting Price Chopper into the Market 32 brand, according to Albany Business Journal. The shopping plaza will be upgraded with a new facade and parking lots. Renovations are expected to commence in spring.
“The sale of this property completes our value-add strategy of turning around properties in great locations in need of capital,” said Rob Friedberg, managing partner of Capstone Realty Group, in prepared remarks.
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