NYC Investment Group Acquires Mid Hudson Center in Poughkeepsie
Real Estate In-Depth | August 22, 2016
POUGHKEEPSIE—A major shopping center on Route 9 here has changed hands.
Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the seller in the sale of the Mid Hudson Center in Poughkeepsie for $27.5 million. The team was also responsible for procuring the buyer, TFS Investment Group, directed by Avrohom Schlaff out of New York City, who acquired the property as part of a 1031 exchange.
Mid Hudson Center is a 235,599 square-foot power center situated on the heavily traveled Route 9 in Poughkeepsie. The center is anchored by long-term leases with Home Depot and Stop & Shop (subleasing to Ocean State Job Lot), providing stable in-place income. In addition, there are several highly visible outparcels fronting on Route 9 including Applebee’s, McDonald’s, ExxonMobil and Rhinebeck Bank. Significant upside exists through re-leasing the current 23,942 square-foot vacancy as well as additional development potential on the adjacent 2.4 acre parcel, which includes a purchase option, CBRE noted.
Dunne said of the deal, “Mid Hudson Center will provide the buyer with a strong in-place yield with the ability to add value through lease-up and additional development at the property. Combined with its easily accessible location on Route 9 directly across from Marist College, Mid Hudson Center was an ideal property to satisfy the buyer’s 1031 exchange.”