News:
Brokerage
Posted: September 12, 2023
SRS Real Estate Partners completes $9m sale
of 895,000 s/f Great Northern Mall
Clay, NY SRS Real Estate Partners has completed the $9 million off-market sale of Great Northern Mall located at 4155 State Hwy. 31. The shuttered 895,000 s/f 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, has 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.
In 2022, SRS Capital Markets completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
Tags:
Brokerage
MORE FROM Brokerage
Devli Real Estate acquires 67,000 s/f flex industrial property on Rte. 17 in Upper Saddle River
Upper Saddle River, NJ Devli Real Estate acquired 118 Rte. 17 North, a 67,000 s/f flex industrial/retail asset situated on 6.3 acres with highway frontage. The property is positioned along
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
