PRESS RELEASE: CBRE Group, Inc. Announces the Sale of Riverside Center in Utica, New York

UTICA, NY – Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented NG Riverside Center LLC and Riverside SPE Member LLC, entities affiliated with Nightingale Properties, LLC, in the entity sale of Riverside Center in Utica, New York for $60.5 million. The team was also responsible for procuring the buyer, a private investor. 

Riverside Center is a 722,084± SF highly prominent, regional power center located at the four-way interchange of Routes 5, 8/12 and 49 off the New York State Thruway (Interstate 90). The Center’s nexus location and complementary national tenant mix creates a power center that draws from a wide region. Riverside’s stable in-place income is highlighted by 95% of total revenue coming from strong credit anchors and national tenants, including Walmart, Lowe’s, BJ’s Wholesale Club, Burlington Coat Factory, Tractor Supply and Bass Pro Shops, which is expected to open in October.

Jeff Dunne commented, “Riverside’s stable rent roll, highlighted by long term leases with national tenants, offers strong in-place cash flow and future NOI growth through further lease-up. The recent renewals completed with Lowe’s and BJ’s Wholesale Club, coupled with the new lease completed with Bass Pro Shops, have affirmed the Center’s regional dominance and strong demand among national retailers.” 

TAGS: Investment