Riverside Center in Utica sold for $60 million

UTICA — CBRE Group, Inc. (NYSE: CBG) today announced the sale of Riverside Center in Utica to a private investor for $60.5 million.

CBRE Group didn’t name the investor in its news release about the sale.

Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented NG Riverside Center, LLC and Riverside SPE Member LLC in the sale, CBRE Group said.

Both NG Riverside Center and Riverside SPE Member are entities affiliated with Nightingale Properties, LLC, according to CBRE.

The more than 722,000-square-foot Riverside Center is located at the four-way interchange of Routes 5, 8/12, and 49 off the New York State Thruway.

CBRE Group points to “stable in-place income” from credit anchors and national tenants that generate 95 percent of the center’s total revenue.

CBRE lists the tenants at Riverside Center that include Walmart (NYSE: WMT), the nation’s largest retailer; Lowe’s, a home-improvement retailer; and BJ’s Wholesale Club, Inc., a membership-only warehouse retail chain.

In addition, CBRE also lists tenants that include Burlington Coat Factory Warehouse Corp.; Tractor Supply Co., a retailer of products for home improvement, agriculture, lawn and garden maintenance; and Bass Pro Shops, a retailer of hunting, fishing, camping, and outdoor-related merchandise, which is expected to open in October, according to CBRE.

“Riverside’s stable rent roll, highlighted by long term leases with national tenants, offers strong in-place cash flow and future NOI growth through further lease-up. The recent renewals completed with Lowe’s and BJ’s Wholesale Club, coupled with the new lease completed with Bass Pro Shops, have affirmed the Center’s regional dominance and strong demand among national retailers,” Dunne said in the news release.

The Los Angeles, Calif.–based CBRE Group, Inc. is the world’s largest commercial real-estate firm (in terms of 2011 revenue), the company said in the news release.

It employs about 34,000 people (excluding affiliates) and serves real-estate owners, investors, and occupiers through more than 300 offices (excluding affiliates) worldwide, the company said.

The CBRE office in Syracuse is located at 313 E. Willow St. in the Nettleton Commons, according to its website.

Contact Reinhardt at ereinhardt@cnybj.com