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Brokerage
Posted: October 4, 2016
Dunne, Gavin and Langer of CBRE sell Fingerlakes Crossing for $13.1 million
Jeffrey Dunne, CBRE
David Gavin, CBRE
Travis Langer, CBRE
Auburn, NY Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the Kipling Group and the Cameron Group in the sale of Fingerlakes Crossing Center for $13.1 million. The team was also responsible for procuring the buyer, Northeast Capital Group, directed by Joel Kiss, who acquired the property as part of a 1031 exchange.
Fingerlakes Crossing Center is a 245,666 s/f power center anchored by Home Depot, Dick’s Sporting Goods, Petco and Kohl’s (shadow anchor). Additional tenants include Chili’s, Buffalo Wild Wings, Supercuts and Dollar Tree, providing a complementary tenant mix that services a large trade area.
Dunne said: “Currently 91% leased, Fingerlakes Crossing Center offers strong in-place income with additional upside provided through lease-up of the existing vacancy as well as over 70,000 s/f of development potential. Combined with its easily accessible location on Route 5/20, Fingerlakes Crossing was an ideal property to satisfy the buyer’s 1031 exchange.”
“We were pleased to add this property to our growing portfolio,” said Kiss. “It met our investment parameters for secondary markets with its market dominance, top of the line tenancy and plenty of value add opportunities.”
Fingerlakes Crossing Center - Auburn, NYAuburn is the largest city and main retail destination between Syracuse (28 miles away) and Rochester (64 miles away) and draws customers from the many towns between these two cities. The center is well-situated on Rte. 5/20 (22,330 cars per day), the main retail and commuter artery in the area.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com
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