The Hampshire Companies acquires 67,000 s/f of retail space from Columbia Development Companies

The Hampshire Companies, a full service, private real estate investment firm with equity in assets valued at more than $2.5 billion, has announced the acquisition of a 66,000 s/f free-standing ShopRite grocery store and an adjacent 1,000 s/f gas station located at 711 Central Ave. from Albany based development firm, Columbia Development Companies. ShopRite is a subsidiary of Wakefern Food Corporation, the largest co-operative of supermarkets in the United States. The brand new grocery store features the latest in energy saving and sustainable technologies in refrigeration and lighting and is the third of four new locations for ShopRite as it enters the Albany market. Two stores opened earlier this year in Niskayuna, N.Y. and Slingerlands, N.Y. with another scheduled to open in Colonie, N.Y. later this year. "Hampshire has had a longstanding, successful relationship with ShopRite's parent company, Wakefern, and with the seller, which made this deal attractive," said Robert Schmitt, a fund manager at The Hampshire Companies. "ShopRite's long-term lease and performance record at its new location over the past 12 months made this a strong addition to our retail portfolio. Additionally its location just north of downtown Albany in a densely populated, highly developed retail corridor provides a strong consumer base for the services and products that ShopRite provides."