(For more retail coverage, click GlobeSt.com/RETAIL.)
BRYN MAWR, PA-Locally based WP Realty Inc. has acquired three shopping centers from Kimco Realty Corp. for a total of nearly $29.5 million. They are Foxborough Plaza in Foxborough, MA; Columbia Plaza in Rensselaer, NY; and Colonie Plaza in Albany, NY.
Bryan Weingarten, WP's founder and CEO, tells GlobeSt.com he plans to invest a total of $10 million to redevelop and lease up the assets, which have an aggregate of 391,108 sf. Robert Griffin, Geoffrey Millerd, Michael d'Hemecourt and Gary Gabriel of Cushman & Wakefield's capital markets group in Boston, represented New Hyde Park, NY-based Kimco in the transaction and also found the buyer. Millerd, C&W senior director, says all three properties have the fundamentals of "maximum visibility and convenient access."
The 118,844-sf Foxborough along Route 140 has a 60,000-sf vacant anchor space formerly occupied by Bradlee's. Among the tenants are Ocean State Job Lot, Papa Gino's, EbLens, Cingular and Radio Shack. Weingarten says the center is 50% occupied. The property traded for just north of $7.3 million, and he plans to invest $2 million in a new facade and redevelopment. The rental rate in all of the assets, he says, "is in the low teens" per sf.
The price for the 132,648-sf Columbia Plaza was $13.4 million. Located just off Interstate 90 in the East Greenbush section of Rensselaer, it is the area's dominant grocery-anchored retail venue and is 86.6% leased. Tenants include Price Chopper, Fashion Bug, Domino's, H&R Block, Liberty Mutual and Subway among others. WP plans $1 million in upgrades.
Colonie Plaza, a 139,616-sf, L-shape center, traded for nearly $8.8 million and is currently anchored by a 60,000-sf Price Chopper and a 27,000-sf Big Lots. Weingarten says it is 80% leased, and he plans to redevelop it at an investment of about $6.7 million. "Our goal is to build an 80,000-sf Price Chopper, which will involve knocking down the current unit and renovating and re-leasing that space along with other improvements."
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