Kingston Lowe’s and Sam’s Club Trade for $36.5 Million

KINGSTON—Commercial brokerage firm CBRE reported on Tuesday (Aug. 27) that it brokered the sale of the Lowe’s and Sam’s Club in Kingston for $36.5 million.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented Singapore-based United Hampshire US REIT in the sale of the Ulster County-based properties. CBRE also procured the purchaser, an unidentified institutional buyer.

Lowe’s and Sam’s Club are situated within the larger Hudson Valley Plaza, a 673,000-square-foot regional power center, anchored by complementary retailers such as Walmart and PetSmart, among others. The property is situated at the intersection of Rt. 199/209 and 9W and is within 1.5 miles of the New York State Thruway.

The center provides stable, high-credit income through the net leases with Lowe’s and Sam’s. Both Lowe’s and Sam’s have been long-standing tenants at the center since 1996. Lowe’s recently completed a long-term renewal and has 15 years of remaining lease term, while Sam’s Club has exercised multiple options to renew its lease at the center.

CBRE’s Dunne commented, “The center’s high credit rent roll and strong tenant renewal history, combined with the complementary tenant mix and regional draw of Hudson Valley Plaza, created a highly sought-after asset.”

Gavin of CBRE added, “We continue to see strong demand in Metro NY for well-positioned properties such as Lowe’s and Sam’s, which offer high credit and predictable cash flow.”

CBRE Institutional Properties Group is marketing a number of other investment opportunities including Hazlet Town Center, a 196,000-square-foot Aldi and Burlington anchored center in Hazlet, NJ; Mattatuck Commons, a 148,000-square-foot Stop & Shop anchored center in Waterbury, CT; Bethel Shopping Center, a 101,000-square-foot Big Y anchored center in Bethel, CT; and a 168,000-square-foot property anchored by Stew Leonard’s in Paramus, NJ.