Colonie Center, an upscale mall located approximately two miles from the University of Albany in New York, has been purchased by KKR (NYSE:KKR) and Colonie Pacific, a partnership consisting of Pacific Retail Capital Partners, Peter Fair of Continuum Partners, and Collarmele Partners, KKR announced Tuesday. Financial terms of the deal were not disclosed.
Colonie Center is the third real estate transaction completed by KKR since 2011, according to the announcement, and consists of 1.3 million square feet of retail space on 91 acres, with more than 113 existing stores. The mall is situated in a high-traffic area, with approximately 117,000 commuters passing the site daily, according to the company. Colonie Center underwent a "significant renovation" in 2007, according to the announcement, and generates approximately $245 million in total sales annually, equal to about $400 in retail sales per square foot.
The national retailers occupying Colonie Center include Macy's, Sears, L.L. Bean, and The Cheesecake Factory, along with a Whole Foods that is expected to open in 2014. KKR and Colonie Pacific also announced they intend to make additional acquisitions in the future, though no specific properties were mentioned.