CBRE’s National Retail Partners, consisting of Jeffrey Dunne, David Gavin, and Travis Langer, successfully represented United Hampshire US REIT in the sale of Lowe’s and Sam’s Club located in Kingston, NY for a total price of $36.5 million. The institutional buyer was procured by CBRE as well.
The two retail stores are part of the larger Hudson Valley Plaza which spans 673,000 square feet and is anchored by popular retailers like Walmart and PetSmart. Strategically situated at the intersection of Rt. 199/209 and 9W with easy access to New York State Thruway within a mile-and-a-half radius makes it an ideal location for both local shoppers as well as those from neighboring regions.
With long-term net leases in place with Lowe’s since 1996 and Sam’s Club exercising multiple lease renewal options at this prime location provides stable high-credit income streams for investors. Recently completing a long-term renewal agreement with Lowe’s ensures that they will remain tenants here for another fifteen years while Sam’s Club has also exercised their lease renewal options multiple times indicating their commitment to this center.
