±165,000 square foot grocery-anchored shopping center in Baldwinsville, NY
Boston – June 10, 2015 – On behalf of the seller, Phillips Edison & Company, CBRE/New England and CBRE Syracuse announce the sale of River Mall Shopping Center to RMSC Holdings. The property is a Tops Market anchored shopping center that has served the Greater Syracuse region for nearly 40 years. Strategically placed along Route 690, the property has direct access to the downtown Syracuse area and Interstate 90.
River Mall shopping center is anchored by Tops Market and is 100% leased to a strong roster of national and regional credit tenants. The property has distinguished itself as a local shopping destination at the busy intersection of the Downer Street corridor and is home to a number of local tenants.
CBRE's Nat Heald, Bill Moylan, Chris Angelone, and Michael Finn represented Phillips Edison & Company in the sale and procured the buyer. “We are pleased to have worked with both parties in the transaction,” said Heald, “The buyer has acquired a well-established asset with the opportunity to create future value for the property.”
River Mall Shopping Center is located in Baldwinsville, New York, a small village within the towns of Lysander and Van Buren in Onondaga County. The area is located in the Northeast corner of the Finger Lakes region, a major tourist destination. Baldwinsville, known for its resources surrounding the Seneca River and its rich architectural legacy continues to be a scenic destination for tourism. The main line of the New York Central Railroad and the New York State Thruway (Interstate 90) and U.S. Route 20 extend east and west across the county. Other major highways that go through Onondaga County include Interstate 81, 481, and 690.
About CBRE/New England CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.