NEW YORK—KKR affiliates and clients, including KKRHoldings LLC (KFN), in partnership with Colonie Pacific, has acquired Colonie Center, a 1.3 million-sq.-ft. regional mall in Albany, N.Y. Financial terms of the transaction were not disclosed.
The center, situated on 91 acres, includes more than 113 stores and is anchored by Macy’s, Boscov’ and Sears. Located off of Interstate 87, the property is located in close proximity to the University at Albany and generates an estimated $245 million in retail sales, including anchors with specialty retail stores producing an estimated $400 per sq. ft. Colonie Center underwent significant renovations in 2007.
Additional tenants include Aeropostale, American Eagle, Christmas Tree Shops, Express and Sephora, among others. The shopping mall also includes a 13-screen Regal Cinemas. Whole Foods is slated to open in 2014.
Colonie is KKR’s third retail real estatesince 2011 and ninth overall.