The former Save-A-Lot distribution center in Greene County sold for $20.5 million and will be upgraded and rebranded to attract industrial tenants that want access to the state’s Hudson Valley region.
The 333,386-square-foot building at 1 Van Bergen Lane in West Coxsackie was purchased by Winstanley Enterprises LLC of Concord, Massachusetts, one of the largest regional owners and operators of commercial real estate in the Northeast.
The deal closed Monday. Winstanley Enterprises financed the purchase with its own capital.
Save-A-Lot, a discount supermarket chain, announced in January 2023 it was closing the distribution center as part of the company’s transformation into a wholesale grocery supplier.
Located on a 30.7-acre parcel at the Greene Business and Technology Park on Route 9W in the rural town, the facility will be renamed the Mid-Hudson Logistics Center. It’s near Exit 21B of the New York State Thruway.
“This is an ideal location in the Hudson Valley that can fully serve the entire northeastern seaboard from Boston to Philadelphia,” Adam Winstanley, principal of Winstanley Enterprises, said in a prepared statement. “We look forward to working closely with the community, creating new local jobs, and offering industrial tenants a top-tier facility with access to a skilled local labor workforce.”
The facility has 61 loading docks, two drive-in doors, and parking to accommodate 77 trailers and 216 passenger vehicles. Winstanley Enterprises will make improvements to the parking lot along with the interior and exterior of the building.
The company will market the space for industrial operations including dry and cold storage. Occupancy is immediately available. There’s also the potential to add up to 197,300 square feet.
The vacancy rate for industrial properties in the Albany region climbed higher in the second half of 2023 but the overall market is still strong, according to CBRE Upstate NY.
The vacancy rate was 2.7% compared to 2.2% in the first half of 2023 and 1.9% in the second half of 2022.
Winstanley Enterprises owns and operates more than 12.5 million square feet of commercial real estate. Its investments include the Mohawk Valley Industrial Center, a shovel-ready parcel on Route 5S in the town of Florida in Montgomery County that can fit up to 800,000 square feet of development. The company also controls the Tryon Technology Park in the town of Perth in Fulton County that can fit up to 1 million square feet of development.
