By R.J. DeLuke
Wilton Square shopping center on Route 50 was purchased recently by Nigro Companies of Albany.
Nigro Companies paid $49.3 million to Retail Properties of America for the center in a deal brokered by CBRE’s National Retail Partners. When it went on the market, it was listed nationally.
No major changes are planned, said John Nigro, principal with Nigro Companies.
“The center has been kept in pretty decent condition by the previous owner,” he said. So the only changes will be some cosmetic improvements on the grounds, like landscaping.
The company already owns nearby Wilton Plaza and Hannaford Plaza, so when the property came up for sale, Nigro Companies had a strong interest, he said.
“It was natural for us to purchase the property for our portfolio,” said Nigro. He said the area around Northway Exit 15 “has the fastest growth in the Capital region and beyond. … All the major retailers are already there. It’s a tremendous growth area and we want to be part of that growth.”
Wilton Square totals about 438,000 square feet and is 100 percent leased.
Anchor stores include Market 32, Home Depot, Target, AC Moore, Staples, Barnes & Noble, PetSmart and Rite Aid.
Other properties owned by Nigro Companies in Saratoga County include Hannaford Plaza on Weibel Avenue in Saratoga Springs, Shops of Malta on Route 9, and Walgreens on Route 50 in Saratoga Springs.
Nigro Companies develops, finances, constructs and manages a wide range of commercial properties. It owns and manages commercial properties throughout upstate New York, specializing in retail development and management. Beyond property development, Nigro Companies offers commercial property management.