Niskayuna, NY – IMCC St. James L.L.C, a subsidiary of Inland Mortgage Capital Corporation, announced today that it has signed a lease with Starbucks Corporation to occupy a new 1,750 square foot building at ShopRite Square in Niskayuna, NY. The new Starbucks will be located near the TD Bank branch. The Starbucks lease continues a multimillion dollar redevelopment of the shopping center, including the acquisition and demolition of the old Friendly’s and demising of several new stores within the former CVS space. Starbucks is a long-time tenant and currently occupies an inline storefront at the center. A brand new free-standing building includes a drive-thru as well as café seating in the new building.
“We’re pleased to offer Starbucks an expanded presence at ShopRite Square,” said Art Rendak, president of Inland Mortgage Capital Corporation. “With the opening of their new store, we will be continuing our extensive repositioning of ShopRite Square as a first-class retail facility.”
Additional parking will be added where the old Friendly’s used to be and shoppers will be able to have better access to storefronts due to the new configuration.
Niskayuna Supervisor Joe Landry said, “The Town of Niskayuna welcomes the new Starbucks as part of the continued success at ShopRite Square. This new building will be a great asset for the Town and its residents.”
Tony Jasenski, Chairman of the Schenectady County Legislature said, “Schenectady County is excited about the success Starbucks has had in the rejuvenated ShopRite Square and their confidence in expanding into this new location. We appreciate this additional investment in Schenectady County as efforts continue to upgrade and improve this important retail center in our community.”
The Schenectady County Capital Resource Corporation (CRC) provided a $35,000 grant toward the cost of acquiring and demolishing the vacant Friendly’s building. The CRC is managed by the Schenectady County Metroplex Development Authority which coordinated the County’s unified economic development team.
All Town approvals for the new Starbucks are in place. Construction is expected to be completed by the end of 2014.
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About Inland Mortgage Capital Corporation
Inland Mortgage Capital Corporation is a private lender that funds intermediate term mortgage financing for value add commercial real estate in need of bridge or interim financing. The financing is non-recourse and targeted for projects with opportunistic characteristics. Inland Mortgage Capital Corporation is part of The Inland Real Estate Group of Companies, Inc. (“Inland”), headquartered in Oak Brook, Ill. As of March 31, 2013, Inland-sponsored companies owned and managed in total over 88.2 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $20.8 billion.