New York Retail Center Sells for $27M
The property near Albany came online in 2010.
Shaker Loudon Associates, an affiliate of Benderson Development, has sold a 120,049-square-foot Fresh Market-anchored shopping center in Latham, N.Y., just north of Albany. PCP Binghamton Associates LLC acquired the property for $26.9 million.
Institutional Property Advisors Senior Managing Director Jim Koury brokered the deal on behalf of the seller and procured the buyer.
The Fresh Market Commons in Latham is located at 664 Loudon Road, at the intersection between U.S. Route 9 and State Route 155. Interstate 87 is also close.
Completed in 2010, the three-building property is located on 10 acres. Its tenant roster also includes Petco, Crumbl Cookie, Sleep & Spas, European Wax Center and Verizon, according to CommercialEdge information. The new ownership had approximately 24,000 square feet available at the shopping center to reposition the property’s tenancy.
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The property is within 1 mile of several other retailers including Walmart, Home Depot, Target and Lowes. Albany International Airport is less than 4 miles west of the shopping center, while downtown Albany, N.Y., is within 8 miles.
Fresh Market Commons serves a population of more than 182,000 within 5 miles, with annual household incomes exceeding $116,700 within a 3-mile radius, according to Institutional Property Advisors.
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