Unison Realty Partners Sells King’s Mall for $19.62 Million
Unison Realty Partners Sells King’s Mall for $19.62 Million
Easily accessible and convenient, the retail-anchored shopping center includes a strong mix of national and regional retailers
Unison Realty Partners, a Boston-based privately held retail real estate investment management firm, today announced the sale of King’s Mall, a 186,000-square-foot retail-anchored shopping center in Kingston, NY. Unison sold the shopping center to an affiliate of Paragon Realty Group LLC, based in Westport, Connecticut, for $19.62 million.
Anchored by Marshalls and HomeGoods, the property is located on a main thoroughfare, situated in the middle of a heavily populated retail node alongside other institutional retail owners and national retailers. Other property tenants include DSW, ULTA Beauty, and Mother Earth’s Storehouse, a local, fresh market grocer which was expanded under Unison.
“Since we acquired King’s Mall in 2012, we’ve had the opportunity to turn the property around by improving the tenant mix and streamlining operations ,” said Karim Fadel, founder and principal of Unison Realty Partners. “By re-positioning the center into a fashion destination and favorably re-structuring many of the leases, we turned the property into a more secure investment, and we are confident the center will continue to thrive under the ownership of Paragon Realty Group.”
Unison currently owns and operates a number of shopping centers along the East Coast and most recently acquired Johnston Road Plaza, a grocery-anchored shopping center in Charlotte, NC, and Chatham Crossing, a grocery-anchored shopping center in Chapel Hill, NC. Targeting high-quality properties with value to unlock, Unison Realty Partners is actively seeking new deals throughout the Northeast, Mid-Atlantic and Southeast regions.
Newmark Grubb Knight Frank was the broker in this sale.