KKR & Co. said it’s part of an investor group that bought the Colonie Center shopping mall in Albany, New York, marking the private-equity firm’s third acquisition of a retail property.
The 1.3 million-square-foot (121,000-square-meter) mall, which has more than 113 stores and a 13-screen movie theater, was renovated in 2007, New York-based KKR said today in a statement. Terms of the deal weren’t disclosed.
KKR teamed with the same partners it had for its first retail deal, the $196 million purchase in April 2012 of Yorktown Center in a Chicago suburb, said Kristi Huller, a spokeswoman for the company. In January, KKR and another partner won the bidding for the firm’s first outlet center, in Kansas City, Kansas.
The investor group for the Colonie mall includes the company’s credit unit, KKR Financial Holdings LLC, as well as KKR clients, which the firm didn’t identify. KKR’s partner, Colonie Pacific, is a venture between Pacific Retail Capital Partners, Collarmele Partners and Peter Fair, a principal of Continuum Partners.
The new owners plan to invest additional money and will focus on attracting new tenants, KKR said in the statement.