Seritage Growth Properties

Seritage Growth Properties has sold its stake in Albany’s Colonie Center to Heidenberg Properties Group for $28 million. The deal, closed last Tuesday, includes 243,000 square feet of mall property, a 28,000-square-foot building with tenants like Whole Foods Market and BJ’s Restaurant, and two development pads. Provident Bank of New Jersey provided $17 million in acquisition financing. Heidenberg plans to invest in and lease out the remaining 94,000 square feet of vacant space. Jason Lazar of Heidenberg hinted at potential interest in acquiring the rest of the mall, which is partially owned by Pacific Retail Capital Partners.