131k sq ft neighbourhood retail centre

In July 2022, Warren Private acquired a 131k sq ft grocery-anchored neighbourhood shopping centre in Albany, New York, USA in conjunction with our US operating partner Crosspoint Associates.

Built in 1960 and renovated in 1988 and again in 2019, the property is situated on a 10.9 acre site and includes 800 surface car parking spaces. The property consists of ten retail units, which are arranged in a single-storey, L-shaped block. The centre is a long-established trading location with a good mix of national and local tenants.  The shopping centre is anchored by an extremely successful Hannaford grocery and the other tenants include Subway, Bank of America, T-Mobile and Enterprise car rental as well as an off-licence, a launderette and a popular Chinese restaurant.

Albany, which is the capital city of New York state, is located c.150 miles north of New York City. Its economy is underpinned by stable and secure employment with more than 25% of the city’s population working in government-related positions. Albany is also home to one of the largest campuses of the State University of New York – SUNY Albany is a 1,400 acre campus located one mile from the shopping centre that has a c.17,000 students and 1,000+ staff. 

Following acquisition, Crosspoint Associates plan to actively manage the property to grow net operating income through re-lettings and effective cost management.

The investment period is five years, and projected returns are strong at a pre-tax IRR of c.12% and a pre-tax profit of c.65% of investors’ original investment amount.

Purchase Price: Confidential
Location: New York State, USA
Investment Period: c.5 years
Projected Annual Distributions: c.9%
Projected Profit on Investment: c.65%