HUDSON, N.Y., April 25, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to exclusively offer for sale Greenport Commons, a 430,218-square-foot regional shopping center shadow-anchored by a Walmart Supercenter and co-anchored by Kohl’s and Lowe’s in Hudson, New York. The property is offered on an open-bid basis. Current market fundamentals suggest bids yielding a 6.75 percent to 7 percent unleveraged return. Bids are due May 11, 2017.
“Greenport Commons is a stabilized, regionally dominant shopping center with a strong creditworthy roster of tenants,” says IPA’s Dean Zang. “The center’s popularity with retailers is evidenced by ownership leasing more than 19,000 square feet in the last four years. Presently 98 percent leased, a new owner will have the ability to immediately increase income by leasing three available spaces that total 5,358 square feet.”
Zang, Joseph French, Jr., Mark Taylor, David Crotts and Thomas Dalzell, are representing the seller, The Widewaters Group.
Built in 2011, the shopping center is located on 40 acres at 420-488 Fairview Ave., U.S. Highway 9, in Hudson, New York, which is 35 miles south of Albany, and a two-hour drive from the greater New York City metropolitan area. Columbia Center Plaza, a 141,874-square-foot neighborhood shopping center, is a half-mile away.
“Retailers at Greenport Commons receive the benefit of regional appeal from permanent residents in a 10-to-30-mile trade area plus the additional seasonal population growth of affluent consumers from Albany and New York City,” adds French. “The center’s success is most clearly illustrated in the increased sales of fashion retailer T.J. Maxx, which have grown almost 30 percent over the last four years, and are approaching $6 million annually.”
Greenport Commons’ anchors, Kohl’s and Lowe’s, have an average of more than 12 years of term remaining on their leases. The tenant roster also includes junior anchors PetSmart, Dollar Tree, T.J. Maxx and Five Below.
J.D. Parker, senior vice president and division manager, is Marcus & Millichap’s broker of record in the state of New York.