UTICA, NY-Affiliates of Nightingale Properties LLC of New York City have sold Riverside Center here for $60.5 million to a private investor.
The deal, announced by CBRE's New York Institutional Group, involves the regional power center that totals 722,084 square feet. The property is 95% leased and includes such tenants as: Walmart, Lowe's, BJ's Wholesale Club, Burlington Coat Factory, Tractor Supply and Bass Pro Shops, which is expected to open in October at the shopping center located at the four-way interchange of Routes 5, 8/12 and 49 off the New York State Thruway.
Jeffrey Dunne and David Gavin of CBRE's New York Institutional Group represented NG Riverside Center LLC and Riverside SPE Member LLC, entities affiliated with Nightingale Properties, LLC, in the sale of the property. The team also procured the buyer in the transaction.
“Riverside's stable rent roll, highlighted by long term leases with national tenants, offers strong in-place cash flow and future NOI growth through further lease-up,” Dunne states. “The recent renewals completed with Lowe's and BJ's Wholesale Club, coupled with the new lease completed with Bass Pro Shops, have affirmed the Center's regional dominance and strong demand among national retailers.”
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