164 Columbia Turnpike, East Greenbush, NY
SALE AND LEASE
Summary
After Kmart shuttered the location in 2014, Tyler worked with Turnpike Redevelopment Group in the redevelopment of the site. New York State Office of General Services leased 96,000 square feet which was converted to a state of the art office and training center for the Office of Children and Family Services. One of the largest local electrical contractors, Martin Electric, leased the remainder of the building. This project represented a successful conversion and redevelopment of a shuttered second-generation retail center.
Deal Size: $20,000,000 Combined Lease & Sale Value
Client: Turnpike Redevelopment Group, LLC
Situation
A shuttered Kmart along Columbia Turnpike became available for sale presenting a prime redevelopment opportunity along a growing commercial corridor.
Strategy
Work with atypical users who would need extensive fit-up outside of a traditional office, warehouse, or retail space.
Result
Culberson was able to source NYS OGS for an art office and training center as well as a large electrical contractor that would convert the space into their headquarters and shop space.