Crosstown Plaza in Schenectady has sold for $10.7 million
Crosstown Plaza SC, LP, an affiliate of Magellan Realty Partners, LLC, is pleased to announce that it has acquired the 210,000 square foot Crosstown Plaza located on Route 7 at the I-890 Interchange.
Crosstown Plaza was built in 1979 by Robert “Bud” Lupe, who has owned and operated the property with his family since its inception. Alex Kutikov and Gordon Heeps of RedMark Realty, LLC brokered the transaction and will stay on as the leasing broker representing the new Landlord. RedMark specializes in retail brokerage, currently representing over 4 million square feet throughout the greater Capital District.
Magellan owns and operates shopping centers in the Mid-Atlantic and Northeast regions. Most recently, an affiliate of Magellan acquired and redeveloped Troy Plaza on Hoosick Street in Troy, rebranding it as Hudson River Commons. The multi-million-dollar renovation has enabled the property to attract such national and regional credit tenants as Starbucks, Sonic, Peebles, Saratoga National Bank, Enterprise and Shoe Dept., as well as to create over 75 new permanent jobs in Troy.
Magellan anticipates commencing a $3,000,000 redevelopment of Crosstown Plaza in Spring 2017. The renovation will include demolishing the existing “interior mall” vestibule, replacing all the storefronts, installing a new modern façade, creating a new pylon sign, repaving the parking lot and many other improvements. Magellan believes that this transformation will enable it to greatly improve both the tenant quality and tenant mix at the property, creating an exciting shopping experience for the residents of Rotterdam and Schenectady. Magellan believes that the timing of the transaction is opportune, dovetailing nicely with the tremendous synergy created by the renaissance of Downtown Schenectady and the construction of Schenectady Casino.
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