Upstate New York Mall Trades for $55M
DCG Development Co. sold the asset with the assistance of RedMark Realty.
Clifton Park Center Mall, an approximately 630,000-square-foot shopping center in Upstate New York, has come under new ownership, as reported by Times Union. With the assistance of RedMark Realty, DCG Development Co. sold the retail property in Clifton Park to CPC Development I in a transaction valued at $55 million.
Located roughly 15 miles north of downtown Albany, N.Y., Clifton Park Center previously changed hands in 2006, when DCG acquired the asset for $11.1 million, according to the New York State Law Reporting Bureau.
Originally developed in 1976 as Clifton Country Mall, the once-struggling property gained new life under DCG’s ownership. “The revitalization of the Clifton Park Center in recent years has included turning portions of the old mall ‘inside out,’ with storefronts facing out onto widened sidewalks,” as noted in the 2012 Clifton Park Town Center Plan.
DCG engaged in a host of renovations at Clifton Park Center during its tenure as owner, not just upgrading the center’s look, but expanding its footprint and welcoming new tenants. Today, Clifton Park Center is one of the most prestigious retail destinations in Saratoga County and boasts an occupancy level of approximately 96 percent, according to DCG’s most recent availabilities document.
Retail’s Secret sauce
Malls in the U.S. are not precisely experiencing halcyon days; the retail properties continue to struggle. However, assets like Clifton Park Center have found a way to succeed in today’s uncertain retail real estate environment, and the right tenant mix appears to be the key.
“[In recent years] while many previously strong anchors were shutting their doors, a far more significant trend was emerging where retail-oriented centers and malls were embracing new tenant types. From gyms to co-working spaces to medical practices, the growing presence of non-retail tenants has made a lasting and significant impact on the brick-and-mortar retail landscape,” according to a 2023 forecast by Placer.ai. In addition to traditional national and local retailers, Clifton Park Center’s tenant roster includes such offerings as Planet Fitness, a Regal Stadium cinema, a Sky Zone trampoline park, World Class Gymnastics and Farmers Insurance.
You must be logged in to post a comment.