SCHENECTADY -- Crosstown Plaza SC, LP, an affiliate of Magellan Realty Partners LLC, has purchased the 210,000-square-foot Crosstown Plaza on Route 7 for $10.7 million.
Crosstown Plaza was built in 1979 by Robert “Bud” Lupe, who has owned and operated the property with his family since its inception, according to a prepared statement.
Alex Kutikov and Gordon Heeps of RedMark Realty brokered the transaction and will stay on as the leasing broker representing the new Landlord. RedMark specializes in retail brokerage and represents more than 4 million square feet of retail space throughout the greater Capital District.
Magellan owns and operates shopping centers in the Mid-Atlantic and Northeast regions. Most recently, an affiliate of Magellan acquired and redeveloped Troy Plaza on Hoosick Street in Troy, rebranding it as Hudson River Commons. Since renovation, the property has leased space to Starbucks, Sonic, Peebles and Saratoga National Bank, among others. More than 75 new permanent jobs were created, as a result, according to the company's statement.
Magellan expects to start a $3 million redevelopment of Crosstown Plaza in the spring, according to a prepared statement from Metroplex Development Authority Chair Ray Gillen.
The renovation will include demolishing the “interior mall” vestibule, replacing all the storefronts, installing a new façade and repaving the parking lot, among other improvements.
Magellan believes the timing of the transaction is opportune, in light of the Feb. 8 planned opening of the Rivers Casino & Resort, according to the Metroplex statement.