Institutional Property Advisors Closes the Sale of a New Market 32 Grocer in Albany New York

ALBANY, N.Y., Jan. 31, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a new, 65,000-square-foot Market 32 Grocer that opened in a former ShopRite store in Albany, New York. The asset traded for $23.8 million.

“In connection with Price Chopper’s acquisition of five ShopRite leases in the Capital Region, the lease for this asset was assumed by Golub/Price Chopper for their upscale format called Market 32, and extended for nearly 15 years,” said Jim Koury, IPA senior managing director of retail investments. “The property underwent major renovations and opened last June.” Jim Koury and Brad Nathanson, IPA executive director, represented the seller and procured the buyer.

The property is adjacent to an entrance to Interstate 90 that sees 103,000 vehicles per day. Downtown Albany and the State University of New York at Albany are two miles away and the Albany NanoTech Complex is nearby. Additional retail in the area includes the Hannaford Plaza, Westgate Plaza, and Kimberly Square shopping centers, Home Depot, and Lowe’s. Within three miles the population is over 123,000 and the average annual household income is $89,155. John Horowitz is Marcus & Millichap’s broker of record in New York.

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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.