Goldflam of HighCap Group sells 110,000 s/f
grocery-anchored shopping center for $17.25 million

East Greenbush, NY Josh Goldflam, co-founder and principal of Highcap Group, has arranged the sale of an 111,000 s/f grocery-anchored shopping center located at 592-596 Columbia Tpke., which sold for $17.25 million. The seller was a partnership of Jobsen Sacco and Sacco of Albany, and the buyer is a Long Island-based development company.

The property is on over 30 acres with a parking lot and has over 111,000 s/f of rentable area including a front pad site housing a Starbucks. The property fronts onto Columbia Tpke. which has 27,000 vehicles per day and is immediately surrounded by national and regional retailers including Walgreens, Wendy’s, Subway, Verizon, Key Bank, Planet Fitness and more. The shopping center, also known as Hannaford Plaza is at 93% occupancy and includes tenants such as Hannaford Super Market, CVS Pharmacy, AutoZone, Sherwin Williams, H&R Block as well as other tenants. The property had an average rental rate per s/f of over $13, providing upside potential for the new buyer to bring the lower rents up to market rate with near term lease renewals. The buyer performed a 1031 tax free exchange for this property and the purchase price of $17.25 million equates to a 7.5% CAP.

Goldflam said, “This was a very well-located grocery anchored center which is still an incredibly strong sector in this higher interest rate environment, especially for 1031 buyers like this one who understand the value and consistency of this stable and growing asset class. This center has an array of national tenants as well as local neighborhood tenants and restaurants providing a steady flow of customers all day and night to this location. The buyer looks forward to improving the center with some aesthetics and filing up the two remaining vacant spaces.”