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Retail

Nigro Companies pays $49M for upstate shopping center

Upstate retail specialist Nigro Companies has paid $49.3 million to buy the Wilton Square shopping center in Saratoga Springs, New York.

CBRE’s Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented Retail Properties of America, Inc. in the sale and procured the buyer.

Wilton Square is a 438,097 s/f grocery-anchored center situated along Route 50 in Saratoga Springs. The center is 100 percent leased and anchored by national and credit tenants, including Market 32 (Price Chopper), Home Depot, Target, AC Moore, Staples, Barnes & Noble, PetSmart and Rite Aid.

“Wilton Square is the dominant grocery-anchored center in the market,” said Dunne. “Its strong in-place income and occupancy history will provide Nigro with stable cash flow for years to come. These qualities, combined with Nigro’s experience in the market, made Wilton Square an ideal property to add to their real estate portfolio in the Northeast.”

The Nigro family has been developing, financing, constructing and managing commercial properties for over 30 years. Today, Nigro Companies owns and manages many properties throughout upstate New York and Massachusetts, specializing in retail development and management, office buildings and warehousing.

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