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Brokerage
Posted: August 15, 2023
SRS Real Estate Partners completes $9 million sale of Great Northern Mall; major redevelopment planned
Clay, NY SRS Real Estate Partners announced it has completed the $9 million off-market sale of Great Northern Mall. The shuttered property is situated on 120 acres and is slated for a major mixed-use town center redevelopment to encompass hundreds of apartments and townhomes, entertainment venues, restaurants, medical offices, and more.
SRS managing director Britt Raymond and senior vice president Kyle Fant represented the seller, Kohan Retail, as well as the buyer, Hart Lyman Company. Hart Lyman has formed a partnership for the deal with Conifer Realty, a firm specializing in building residential communities.
“I’m excited to see Hart Lyman and Conifer’s plans unfold as they transform this former mall into a dynamic mixed-use town center. This project will help address the housing shortage in the area as well as accommodate expected growth from Micron Technology Inc., who is building a semiconductor mega-factory just a few miles away from the site,” said Fant.
Micron, one of the biggest semiconductor companies in the world, announced it intends to invest up to $100 billion over the next 20-plus years, creating tens of thousands of jobs which will be a major economic driver for the area.
“The Great Northern Mall transaction and future redevelopment shows how real estate professionals can transform a market through ingenuity and foresight. The retail sector is ever-evolving but good real estate fundamentals last for generations,” said Raymond.
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