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Monday, 24 June 2019

Suburban Albany, N.Y., Shopping Center Sells for $73.7Mln

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Commercial Real Estate Direct Staff Report

The Davis Cos. has paid $73.7 million, or $117/sf, for the 629,575-square-foot Latham Farms shopping center in Latham, N.Y., an Albany, N.Y., suburb.

The Boston real estate investor bought the property from Kimco Realty Corp., a New Hyde Park, N.Y., REIT, which had owned it since 2000. NKF Capital Markets brokered the latest deal.

Jackson National Life Insurance Co. has provided $47 million of financing to help fund Davis's acquisition.

The property, at 579 Troy Schenectady Road, is 84 percent leased to 26 tenants that include Sam's Club, Dick's Sporting Goods, Home Depot, Hannaford and All Star Wine & Spirits. It is off Interstate 87 and 10 miles north of Albany.

Davis owns five other shopping centers as well as office, industrial, medical-office, laboratory, hotel, apartment and self-storage properties.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Albany
  • States: New York
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Dan Moynihan

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