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What you need to know for 02/22/2017

Mohawk Commons sold for $66 million

Mohawk Commons sold for $66 million

Sprawling shopping center sold
Mohawk Commons sold for $66 million
Mohawk Commons in Niskayuna
Photographer: MARC SCHULTZ/GAZETTE PHOTOGRAPHER

The sprawling Mohawk Commons Shopping Center has been sold for $66 million, according to information recorded in deed records filed in Schenectady County.

The 530,190-square-foot center features Target, Lowe’s and Price Chopper, among others.

It was sold by Developers Diversified Realty Corporation in October, Schenectady County records indicate, to a joint venture of DLC Management Corporation and DRA Advisors LLC.

DLC Management Corporation is a national private real estate company headquartered in Tarrytown. DRA Advisors LLC is also New York=based and specializes in real estate investment services.

Through the joint venture, the two companies also purchased 15 other shopping centers as a package deal.
Most are in New York, including Freedom Plaza in Rome, Tops Plaza in Ithaca and Westgate Plaza in Gates.
DDR Corporation purchased Mohawk Commons in 2004.

Brandon Glenn, the communications manager for DDR Corporation, said the Mohawk Commons Shopping Center didn’t fit DDR’s long-term strategic objectives.

When DDR Corporation first offered Mohawk Commons for sale, Nigro Companies, an Albany-based real estate company, considered purchasing it. Nigro owns shopping centers in Malta, Clifton Park, Latham and Glenmont, among others.
However, because the Commons was part of a package sale with other shopping centers across the state, Nigro decided not to pursue the property.

The Mohawk Commons first opened in 2002, on the former site of the Mohawk Mall.
Reach Gazette reporter Indiana Nash at 417-9362, inash@dailygazette.net or @indijnash on Twitter.

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