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.
In total, the project will entail four mixed-income, multifamily buildings totaling 860 rental units, including 78 on-site affordable units, along with accessible open space.
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.
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.
In total, the project will entail four mixed-income, multifamily buildings totaling 860 rental units, including 78 on-site affordable units, along with accessible open space.
When looking at transaction volumes, closed sales for single-family homes and condominiums were both up compared to last year, while co-op sales saw a decline.
“Home sales are increasing throughout our region as a result of more properties being listed for sale, reflecting the strong demand that currently exists in the Hudson Valley,” said HGAR CEO Lynda Fernandez.
Existing-home sales in the Northeast in July climbed 4.3% from June to an annual rate of 490,000, an increase of 2.1% from July 2023.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
