CBRE Arranges $14.73M Sale of Crosstown Plaza in Schenectady, New York

CBRE has arranged the sale of Crosstown Plaza, a 210,515-square-foot grocery-anchored shopping center located at 2330 Watt Street in Schenectady, New York. Agora Commercial purchased the property from Magellan Realty Partners for $14.73 million.

Chris Munley, Colin Behr, Ryan Sciullo and Casey Smith of CBRE’s National Retail Partners team, along with CBRE’s David Gavin and Jeff Dunne, represented the buyer and the seller in the transaction.

“We are excited to begin the next chapter for Crosstown Plaza and believe the property is exceptionally well-positioned for long-term growth and success,” said Nick Skeparnias, Principal at Agora Commercial. “Neighborhood shopping centers serve as the cornerstone of their communities, and Crosstown Plaza is no exception. As the new owners, we look forward to making strategic investments that enhance the property, strengthen its tenant mix and reinforce its role as a premier neighborhood shopping destination.”

Built in 1970 and renovated in 2019, Crosstown Plaza is strategically located along NY Route 7 with direct connectivity to Interstate 890, providing convenient access to a population of more than 104,000 within a three-mile radius, with an average household income of $106,728.

“We’re grateful to the seller team for their partnership and the care they’ve invested in Crosstown Plaza, and we congratulate Agora Commercial on the most recent addition to their growing Grocery-Anchored shopping center portfolio,” said Munley. “With a strong anchor lineup and 86.3% occupancy, there’s real upside for a skilled operator to add value. We look forward to seeing what’s next for this well-located asset.”

The property is anchored by Price Rite Marketplace and features a diverse mix of national and regional tenants, including Ocean State Job Lot, Buffalo Wild Wings, Best Fitness and Harbor Freight.

“Crosstown represented a unique opportunity to acquire a value-add, grocery-anchored shopping center in a densely populated, high-barrier-to-entry retail market,” said Behr. “The profile of this deal drove an extremely competitive process.”