plaza purchase completed hannaford plaza

Seems like good news for cer holders as we have a 95% owner interest in this mall. So any sales will further help cer pay off debt or debt associated with cnp...

By ERIC ANDERSON DEPUTY BUSINESS EDITOR
First published in print: Saturday, October 11, 2008

SARATOGA SPRINGS — Albany real estate developer John Nigro said Friday he has completed the purchase of the Hannaford Plaza on Weibel Avenue.

The shopping center, anchored by Kohl's department store, a Hannaford supermarket and a Tractor Supply store, is located off Northway Exit 15.

Terms of the deal were not released.

The purchase comes one year after the region's third Kohl's store opened at the plaza, on the site of a Kmart that closed in June 2002.

"The original Hannaford Plaza was built about 12 or 13 years ago," said Nigro, principal of Nigro Cos. Kohl's "saw the value of the real estate."

The plaza is along a busy commercial corridor at the northern end of Saratoga Springs, adjacent to Wilton. Nigro Cos. has several properties in that area, including a 27,000-square-foot shopping center under development on Route 50 near Wilton Mall.

The Weibel Avenue plaza was owned by Centro, an Australian real estate investment trust.

The REIT "decided to lighten up on its U.S. holdings," Nigro said.

Nigro Cos. also owns the 130,000-square-foot Shops at Malta, located off Exit 12 of the Northway, that is anchored by a Price Chopper supermarket. With plans for a $4.6 billion semiconductor plant in Malta, "we see great opportunity" in the area, Nigro said.