Clifton Park Center under new ownership
CLIFTON PARK, N.Y. (NEWS10) -- Clifton Park Center is under new ownership. According to RedMark Realty, the retail property sold for $55 million to CPC Development I, LLC, led by Principal Faraz Khan.
Clifton Park Center is about 630,000 square feet on over 50 acres at 22 Clifton Country Road. The seller was DCG Development, who owned the property since 2006 when they bought it from GE Capital.
The mall was built in 1976 by Buffalo based developer Myron Hunt. The opening of Clifton Park Center transformed Clifton Park along with the recently constructed I-87. Original anchor stores included Steinbach, A&P grocery store and Mack Drugs.
In the late 1990s, the mall faced financial struggles and was put on the “Dead Malls of America” list. After DCG owner Don Greene acquired the property, the center underwent some tenant changes and major upgrades to the façade and infrastructure.
“Don Greene and I have been working together for some time to bring this deal to fruition," said Khan. “In our opinion, Don Greene and DCG did extraordinary work transforming the former Clifton Country Mall into the Town Center that it is today. We hope to continue Mr. Greene’s vision and legacy by further developing the property in years to come. We appreciate the opportunity to continue as stewards of this very important community asset."
Today, Clifton Park Center includes anchors such as JC Penney, Marshalls, Boscov’s, and Regal Cinemas, and has a 96% occupancy rate. Chick-fil-A and Bass Pro Shops will soon be joining the outskirts of the mall.
“Revitalization of the Clifton Park Center Mall and Exit 9 area has been a focus of my administration beginning in 2000 and Don Greene and his team have done a tremendous job successfully managing and reconfiguring this important retail center," said Clifton Park Town Supervisor Phil Barrett. "New investments in empty properties near the Mall will further strengthen the prospects for the Clifton Park Center as well as the many businesses at Exit 9 people visit each day.”