New York, NY (August 9, 2023) – SRS Real Estate Partners announced today it has completed the $9 million off-market sale of Great Northern Mall located at 4155 State Highway 31 in Clay, NY. The shuttered property is situated on 120 acres and is slated for a major mixed-use town center redevelopment to encompass hundreds of apartments and townhomes, entertainment venues, restaurants, medical offices, and more.
SRS Managing Director Britt Raymond and Senior Vice President Kyle Fant represented the seller, Great Neck, NY-based Kohan Retail, as well as the buyer, Syracuse, NY-based Hart Lyman Company. Hart Lyman has formed a partnership for the deal with Conifer Realty, a firm specializing in building residential communities.
“I’m excited to see Hart Lyman and Conifer’s plans unfold as they transform this former mall into a dynamic mixed-use town center. This project will help address the housing shortage in the area as well as accommodate expected growth from Micron Technology Inc., who is building a semiconductor mega-factory just a few miles away from the site,” said Fant.
Micron, one of the biggest semiconductor companies in the world, has announced it intends to invest up to $100 billion over the next 20-plus years, creating tens of thousands of jobs which will be a major economic driver for the area.
“The Great Northern Mall transaction and future redevelopment shows how real estate professionals can transform a market through ingenuity and foresight. The retail sector is ever-evolving but good real estate fundamentals last for generations,” noted Raymond.
In 2022, SRS Capital Markets completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.