Kingston Shopping Center Joins Paragon Realty’s Portfolio
- May 16, 2016
Kingston, N.Y.—Unison Realty Partners announced the sale of King’s Mall to an affiliate of Paragon Realty Group for $19.62 million. Newmark Grubb Knight Frank arranged the transaction. Unison purchased the shopping center in 2012 and aimed at transforming it into a more secure investment by improving the tenant mix and streamlining operations.
“By re-positioning the center into a fashion destination and favorably re-structuring many of the leases, we turned the property into a more secure investment, and we are confident the center will continue to thrive under the ownership of Paragon Realty Group,” said Karim Fadel, founder & principal of Unison Realty Partners.
Located on Ulster Avenue, the 186,000 square-foot mall currently houses national and regional retailers, including anchor tenants Marshalls and HomeGoods. DSW, ULTA Beauty, and Mother Earth’s Storehouse, a recently expanded fresh market grocer are also operating under King’s Mall roof.
Unison, a Boston-based real estate investment management firm, recently acquired two grocery-anchored shopping centers in North Carolina—Johnston Road Plaza in Charlotte and Chatham Crossing in Chapel Hill—now part of their East Coast portfolio. The company is seeking to expand its footprint in the Northeast, Mid-Atlantic and Southeast regions with high-quality commercial properties for value-add investments.
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