Saratoga Springs, NY 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 Sq. is a 438,097 s/f grocery-anchored center situated along Rte. 50 with 31,950 cars per day. 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.
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.
Dunne said, “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.”