CBRE Arranges Sale of Auburn Shopping Center
- Sep 28, 2016
By Carmen Horghidan
A CBRE team consisting of Jeffrey Dunne, David Gavin and Travis Langer also procured the buyer, Northeast Capital Group of Ramapo, N.Y., which acquired the property as part of a 1031 exchange.
Located across the Fingerlakes Mall, on NYS Route 5/20, the approximately 246,000-square-foot power center is home to tenants such as Home Depot, Dick’s Sporting Goods, Petco, and shadow-anchor Kohl’s. With Auburn being the largest city and main retail destination between Syracuse and Rochester, a large number of customers are drawn from the nearby cities.
“Currently 91 percent leased, Fingerlakes Crossing Center offers strong in-place income with additional upside provided through lease-up of the existing vacancy, as well as more than 70,000 square feet of development potential. Combined with its easily accessible location on Route 5/20, Fingerlakes Crossing was an ideal property to satisfy the buyer’s 1031 exchange,” said Dunne in a prepared statement.
Image courtesy of Cameron Group