Wilton Square sold for $49.3M
Nigro Companies adds site to portfolio
WILTON, N.Y. » Wilton Square has been sold for $49.3 million.
Nigro Companies purchased the property from Retail Properties of America.
CBRE announced the sale in a news release issued Wednesday. Retail Properties of America was represented by Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners, the release said.
Wilton Square is a 438,097 square-foot grocery-anchored center situated along Route 50, the release said. The center is leased and anchored by national and credit tenants, including Market 32 (Price Chopper), Home Depot, Target, AC Moore, Staples, Barnes & Noble, PetSmart and Rite Aid.
The release also noted the nearby demographics, including average household incomes of $95,000 within 3 miles of the location, combined with a 20 percent increase in the number of households since 2000.
“Wilton Square is the dominant grocery-anchored center in the market,” Dunne said in the release. “Its strong in-place income and occupancy history will provide Nigro with stable cash flow for years to come. These qualities, combined with Nigro’s experience in the market, made Wilton Square an ideal property to add to their real estate portfolio in the Northeast.”
Nigro Companies, based in Albany, owns and manages properties throughout Upstate New York and Massachusetts. The company specializes in retail development and management, office buildings and warehousing, according to its website — http://www.nigrocos.com.
The company’s website also indicates its properties include the nearby Hannaford Plaza, Walgreens and Wilton Plaza.
According to the release, CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).
For more information about CBRE Group, visit www.cbre.us.