{"id":39214,"date":"2023-11-22T12:00:42","date_gmt":"2023-11-22T17:00:42","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=39214"},"modified":"2023-11-22T12:00:42","modified_gmt":"2023-11-22T17:00:42","slug":"advance-auto-sunmark-credit-union-and-chase-bank-fill-wilton-perry-crossing","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/11\/advance-auto-sunmark-credit-union-and-chase-bank-fill-wilton-perry-crossing\/","title":{"rendered":"Advance Auto, Sunmark Credit Union and Chase Bank Fill Wilton Perry Crossing"},"content":{"rendered":"<figure id=\"attachment_39215\" aria-describedby=\"caption-attachment-39215\" style=\"width: 1024px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-39215\" src=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/11\/perrycrossings-hc-1024x734.png\" alt=\"\" width=\"1024\" height=\"734\" srcset=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/11\/perrycrossings-hc-1024x734.png 1024w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/11\/perrycrossings-hc-300x215.png 300w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/11\/perrycrossings-hc-768x550.png 768w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/11\/perrycrossings-hc.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-39215\" class=\"wp-caption-text\">Perry Crossing completes transformation: Advance Auto Parts, Sunmark Credit Union, and Chase Bank Anch or 5-acre retail hub<\/figcaption><\/figure>\n<p>By Christine Graf<\/p>\n<p>Development of Perry Crossing, a 5-acre site located at3088 Route 50 in Wilton, is now complete. The property includes Advance Auto Parts, Sunmark Credit Union, and Chase Bank. Advance Auto Parts celebrated the grand opening of their 7,000-square-foot building in July. The 2,100-square-foot Sunmark Credit Union opened in September, and opening date for the 3,500-square-foot Chase Bank branch has yet to be announced by the company.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Perry Crossing was developed by Kenneth Brownell and Barry Feinman, principals at Vanguard-Fine LLC. of Guilderland. A full-service real estate development company, Vanguard-Fine operates in Upstate New York, Vermont, Massachusetts, Connecticut, and Eastern Pennsylvania. Established in 1994, the company owns or third-party leases more than 4 million square feet of retail, office, and industrial space.<\/p>\n<p>\u201cWe bought the (Perry Crossing) property almost 7 years ago,\u201d said Brownell.<span class=\"Apple-converted-space\">\u00a0 <\/span>\u201cIt\u2019s a great piece of property, and there weren\u2019t really any properties left on Route 50. So, we purchased it, speculated on it, and waited for the right moment to develop it.\u201d<\/p>\n<p>It wasn\u2019t until after the pandemic that Advanced Auto Parts and Sunmark Credit Union expressed interested in the site.<\/p>\n<p><span class=\"\"><b><span class=\"s1\"><span class=\"s2\"><!--more--><\/span><\/span><\/b><\/span>\u201cWe also had another tenant that was interested. They ended up backing out, and Chase ended up being in the market for a site. It worked out really well,\u201d he said \u201cThey are creating a financial center and are looking to plug holes in the northeast. Albany happened to be a wide-open market for them, and our brokerage company has actually brokered a number of Chase branches.\u201d <span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Although Chase is expanding in the Capital Region, other banks are consolidating locations.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cThey are cutting back on branches, and a lot of their real estate is coming back up,\u201d said Brownell, noting that the commercial real estate market has slowed significantly.<\/p>\n<p>\u201cThe market right now is slowing down because of interest rates. There was a lot of development that went on for a 5-year stretch, but with higher interest rates and higher construction costs, a lot of projects that used to work don\u2019t work anymore.\u201d<\/p>\n<p>In addition to rising construction costs, the skilled labor shortage is also impacting development.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cWe don\u2019t have enough labor,\u201d he said. \u201cThey call it the graying tsunami\u2014a lot of skilled tradesmen and construction workers are retiring, and there\u2019s no younger folks coming into the construction trade. It\u2019s a real problem.\u201d<\/p>\n<p>Despite the slowdown in the market, Vanguard-Fine has several development projects in the works. They include the 54,000 square foot Lear Jet Park near Albany airport and a 62,000 square foot self-storage facility in North Adams, Massachusetts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Christine Graf Development of Perry Crossing, a 5-acre site located at3088 Route 50 in Wilton, is now complete. The property includes Advance Auto Parts, Sunmark Credit Union, and Chase Bank. Advance Auto Parts celebrated the grand opening of their 7,000-square-foot building in July. The 2,100-square-foot Sunmark Credit Union opened in September, and opening date [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":39215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-39214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Advance Auto, Sunmark Credit Union and Chase Bank Fill Wilton Perry Crossing - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/11\/advance-auto-sunmark-credit-union-and-chase-bank-fill-wilton-perry-crossing\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Advance Auto, Sunmark Credit Union and Chase Bank Fill Wilton Perry Crossing - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Christine Graf Development of Perry Crossing, a 5-acre site located at3088 Route 50 in Wilton, is now complete. The property includes Advance Auto Parts, Sunmark Credit Union, and Chase Bank. Advance Auto Parts celebrated the grand opening of their 7,000-square-foot building in July. The 2,100-square-foot Sunmark Credit Union opened in September, and opening date [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/11\/advance-auto-sunmark-credit-union-and-chase-bank-fill-wilton-perry-crossing\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Saratoga Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2023-11-22T17:00:42+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/11\/perrycrossings-hc.png\" \/>\r\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\r\n\t<meta property=\"og:image:height\" content=\"860\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/11\/advance-auto-sunmark-credit-union-and-chase-bank-fill-wilton-perry-crossing\/\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/11\/advance-auto-sunmark-credit-union-and-chase-bank-fill-wilton-perry-crossing\/\",\"name\":\"Advance Auto, Sunmark Credit Union and Chase Bank Fill Wilton Perry Crossing - 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