Syracuse, N.Y. – Destiny USA’s owner has sold a portion of its Crossgates Commons shopping plaza in Albany.
Pyramid Management Group sold the property at 161 Washington Avenue Extension to Agree LP of Royal Oak, Michigan, for $32 million, according to a report by the Albany Business Review.
The buyer, affiliated with Agree Realty Group, has developed over 40 community shopping centers primarily in the Midwestern and Southeastern U.S. It also is the landlord of many individual retail properties in New York, including the Syracuse area.
The Albany Business Review reported that Pyramid sold the portion of the plaza that includes Home Depot.
The company is retaining ownership of the portion of the center that contains Michaels, At Home, Skechers, Planet Fitness, Mattress Xpress and other tenants. It was initially reported that Pyramid also sold that portion, but the Business Review said the Albany Board of Zoning Appeals previously approved a lot line adjustment separating the Home Depot from the remainder of the plaza.
The sale also did not include the portion of the plaza that contains a 260,000-square-foot Walmart Supercenter, the largest Walmart in the country. That building is owned by Walmart.
The sale also did not include a building next to Walmart that contains a T.J. Maxx, Panera Bread and other tenants, the publication reported.
Pyramid continues to own the nearby Crossgates Mall in the town of Guilderland.
The company’s Destiny USA mall in Syracuse is the largest mall in New York and one of the largest in the country.
The company has been struggling to hold onto some of its properties. Last year, Pyramid lost the Hampshire Mall in Hadley, Massachusetts, and Palisades Center in West Nyack after lenders foreclosed on them. And its Walden Galleria mall near Buffalo went into receivership in June.
