CB Richard Ellis sells 706,274 s/f Riverside Center for $41.25 million

Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis' New York Institutional Group represented the Senpike Mall Company and RCU Mall LLC, entities affiliated with the Pyramid Companies, in the sale of Riverside Center for $41.25 million. The team was also responsible for procuring the buyer, Nightingale Properties, LLC. Riverside Center (706,274 s/f) is the second largest power center in the Utica region, located at the four-way interchange of Rtes. 5, 8/12 and 49 off the New York State Thruway (I-90). Riverside Center enjoys a stable income with nearly 90% of its total revenue coming from strong credit anchors and national name brand tenants including Walmart, Lowe's, BJ's Wholesale Club and Burlington Coat Factory. Ownership recently executed several new leases, including Burlington Coat Factory, Adirondack Furniture and Famous Labels, demonstrating strong tenant demand for the Center. Dunne had the following comments on the sale, "The existing significant in-place income from national credit retailers, coupled with the lease up of the 74,400 s/f of vacant space along with the development of additional pad sites will provide Nightingale with stability and upside."