KKR Acquires Colonie Center Mall
Private equity firm KKR & Co said its affiliates and clients, including KKR Financial Holdings, purchased Colonie Center, a mall in Albany New York. KKR partnered with Pacific Retail Capital Partners, Collarmele Partners, and Peter Fair for the deal. The financial terms of the deal have not been released.
The 1.3 million square foot mall sits on 91 acres in Albany, and it generates an estimated $245 million in annual retail sales from its 113 stores. Anchored by specialty retail stores, the mall generates an estimated $400 per square foot.
Colonie Center went through a significant renovation in 2007 that incorporated a “lifestyle” retail component and an improved streetscape in order to attractretail tenants such as L.L. Bean, P.F. Chang’s, and Cheesecake Factory. KKR and Colonie Pacific say they plan to focus on attracting new tenants and will make additional capital investments.
“Colonie is an institutional-quality asset with tailwinds from a significant recent renovation. With additional investment and a revamped leasing strategy, Colonie will be an even more attractive home for current and prospective retailers in Albany. The transition in ownership will be seamless for shoppers, and our goal is to make the shopping experience even better than it is today.”
This purchase marks KKR’s third retail investment since 2011 and its ninth overall.