A private investor has purchased the Cobleskill Price Chopper Plaza for $8.55 million.
The sale won’t mean any changes for Price Chopper, said Joseph French Jr. of Sperry Van Ness, the commercial real estate brokerage firm that handled the sale.
However, the chain’s strength in the local market was one of the reasons the Philadelphia-based privatebuyer—who Mr. French declined to identify—was interested in the property.
“Price Chopper’s sales are thriving in Cobleskill, even though they’re competing against a Super Wal-Mart,” Mr. French said.
“The town is becoming a bedroom community to Albany…The buyer liked the tenant and liked the location.”
Despite being a competitor, Mr. French said, Wal-Mart also brings in shoppers from outside the area who shop at both stores.
Mr. French said the plaza’s buyer also owns six or seven other Price Chopper centers.
The Cobleskill Price Chopper Plaza is 110,932-square-feet and sits on 16 acres.
Originally built in 1972, it was renovated in 1995 and purchased by New Cobleskill Associates for $3.1 million in 1995-96.
Tenants, in addition to Price Chopper, include Tractor Supply and Label Shopper.
The seller was represented by Mr. French and Neil Golub of Sperry Van Ness in White Plains.