News
May 26, 2016Beltrone Group Sells One-Million-Square-Foot Portfolio to The Rosenblum Companies for $57 Million
The Rosenblum Companies announced today it has closed on a deal with the Beltrone Group for the acquisition of 25 properties located primarily in the Town of Colonie, in what is a watershed transaction for both companies.
The Rosenblum Companies will own and manage 14 properties (listed below) totaling approximately 650,000 square feet of warehouse and office space, including four prominent office buildings in the Wolf Road/Winners Circle area, which ring the Albany Marriott. Winners Circle is anticipated to become part of a new connector from Albany Shaker Road to Sand Creek Road parallel to the busy Wolf Road corridor.
Office Buildings
187 Wolf Road
1, 2 and 3 Winners Circle
Warehouse
1, 3, 5, 8, 12 Selina Drive
42 and 70 Karner Road
20, 30A and 30B Post Road
“This is a landmark day in the history of The Rosenblum Companies,” said Seth Rosenblum, Chief Executive Officer of The Rosenblum Companies. “While we continue to focus on redevelopment and ground-up projects, it is impossible to replicate these locations or buildings. Sal Beltrone was a visionary developer as well as a quality builder, and we are humbled to carry that legacy into the future.”
Salvatore R. Beltrone founded a private masonry-concrete company in 1946, which he grew into one of the most prominent construction and development concerns in the Albany area. A property management company that would ultimately become The Beltrone Group was created to oversee the numerous retail, residential, office and industrial buildings built and owned by Beltrone.
The Rosenblum Companies arranged for the sale of eleven other properties in the portfolio purchase. Among the third party buyers is locally based Rosetti Development Companies, which acquired Village Square Shopping Plaza as well as a 60,000-square-foot office building and adjacent undeveloped parcel at 3 and 2 Lear Jet Lane, respectively.
“The interest in each of these properties expressed by numerous developers and investors speaks volumes about the overall quality of the portfolio,” said Jeff Mirel, Executive Vice President at The Rosenblum Companies. “We were ultimately satisfied that the larger Wolf Road corridor office buildings and Karner Road area warehouses offered the density, scale and geography to best complement our growth strategy.”
“I am pleased to welcome the Rosenblum Companies as the latest company choosing to invest in the Town of Colonie. The properties that are part of this acquisition sit on our town’s major commercial corridors, including Wolf Road, where tens of millions of dollars are being invested in new development,” said Town of Colonie Supervisor Paula Mahan. “Sal Beltrone and The Beltrone Group have been forward-thinking, committed stakeholders in the Town of Colonie, and based upon the Rosenblum Companies’ excellent reputation, I expect them to be a great partner, as well.”
Founded in 1979, The Rosenblum Companies is a developer and full service owner-operator of commercial properties in the Capital Region, including Great Oaks Office Park in Guilderland and Corporate Plaza, an eight-building office campus in Albany. In 2009, the company expanded into multifamily residential with 17 Chapel Boutique Condominiums, the first and only luxury condominium building in downtown Albany. Cited as a catalyst for the City’s urban housing renaissance, the Albany Business Review recognized 17 Chapel as one of “50 Projects That Are Reshaping Life and Business in the Capital Region.”
The Rosenblum Companies is currently pursuing several diversified development projects, one of which is a conversion of the historic former Troy Record Building in Troy, NY, into a high-amenity mixed-use loft apartment building. The Rosenblum Companies also provides comprehensive property management and related services to investors and end-users.
The acquisition from The Beltrone Group increases The Rosenblum Companies’ commercial real estate holdings to more than one million square feet.
