Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented Retail Properties of America, Inc. in the sale of Wilton Square in Saratoga Springs, New York for $49.3 million. The team was also responsible for procuring the buyer, Nigro Companies.
Wilton Square is a 438,097± square-foot grocery-anchored center situated along Route 50 (31,950± cars per day) within the fast growing and high demographic area of Saratoga Springs, NY. The center is 100% leased and anchored by national and credit tenants, including Market 32 (Price Chopper), Home Depot, Target, AC Moore, Staples, Barnes & Noble, PetSmart and Rite Aid. Wilton Square enjoys excellent frontage and signalized access on Route 50, the major retail corridor in the market with over 1.3 million SF of retail within one mile of the center. In addition, the center benefits from the strong nearby demographics highlighted by average household incomes of $95,000 within 3 miles combined with a 20% increase in the number of households since 2000.
Mr. Dunne commented: “Wilton Square is the dominant grocery-anchored center in the market. Its strong in-place income and occupancy history will provide Nigro with stable cash flow for years to come. These qualities, combined with Nigro’s experience in the market, made Wilton Square an ideal property to add to their real estate portfolio in the Northeast.”
CBRE’s Metro NY National Retail Partners team has a number of attractive investment opportunities currently available or coming to market including: South Port Shopping Center, a 301,878 square-foot dominant Stop & Shop anchored center in Shirley (Long Island), NY; and Festival Plaza, a 151,755± square-foot HMart grocery anchored center in Edison, New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.
