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RD Management Sells Former Kmart-Anchored Shopping Center in Latham

119,000-SF Shopping Center Still Has 97,000-SF Hole to Fill
November 15, 2017
A 118,863-square-foot shopping center bereft of a big box anchor tenant has traded hands in the north Albany suburb of Latham, NY.

RD Management, a New York City-based real estate development and management organization that owns 26 properties in New York and 150 across the U.S., sold the former Kmart-anchored property at 195 Troy Schenectady Rd. to the Lia family for $1.76 million, or approximately $15 per square foot, according to CoStar information.

Kmart left a gaping 96,805-square-foot hole when it vacated the property in mid-2014, one that RD Management had been hoping to fill. Instead, the company elected to flip the asset with the intent to reinvest the proceeds of this sale into core markets and real estate sectors beyond retail, said RD Management principal and president, Richard Birdoff.

"As a company, we recognize that retail is evolving, and it is essential for us to diversify our portfolio and focus on key assets to stay ahead in this rapidly changing real estate environment," he added.

Completed in 1971, the property is located on a 12-acre site at the intersection of Troy-Schenectady and Swatling Roads. It consists of a 22,058-square-foot Vent Fitness location, an available lot and more than 800 parking spaces, in addition to the vacant big box space.

For more information on the transaction, please see CoStar COMP #4045438.
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