Two Busy Hudson Valley Retail Locations Sold For $36.5 Million

Buildings currently occupied by Lowe's and Sam's Club have just been sold for over $36 million.

The highly sought-after pieces of real estate are the latest in a string of real estate deals that have gone down in the Huson Valley over the past few months.

We told you last week about the sale of the Gunk Haus in Highland, New York. The legendary German restaurant has been sold and is expected to be transformed into an entirely different establishment by its new owners.

Now, two huge retail stores have been sold in an extremely expensive transaction that is being celebrated by real estate professionals.

Lowe's and Sam's Club Buildings Sold in Kingston, New York

According to ConnectCRE, a commercial real estate news source, the Lowe's and Sam's Club buildings in Kingston, New York were recently sold for $36.5 million. The buildings are part of the Hudson Valley Plaza at the intersection of Route 199 and Route 9W. The shopping center includes stores operated by Walmart and PetSmart that were not included in the sale.

The purchaser is described as an "institutional buyer" who will now operate the buildings that have been leased by Lowe's and Sam's Club since 1996.

The Future of Lowe's and Sam's Club in Kingston, New York

There's no indication that the new buyer has any intention of using these buildings for anything other than income. Lowe's recently renewed its long-term lease and has 15 years remaining. Sam's Club has continued to renew its lease over the past three decades as well.