The Riverside Center shopping center in Utica is for sale. Syracuse based Pyramid Companies, owners of the shopping mall with the scariest exterior in America, are seeking a buyer through Brokerage firm CB Richard Ellis, according to the online publication Commercial Real Estate News.
Like most commercial development, the rental income from the Riverside Center is declining each year. CREN lists a 2009 net cash flow of $2.86M, down considerably from $4.26M in 2003.
Pyramid is trying to convert some of its tired shopping malls into open-air centers like Fayetteville’s wildly successful Towne Center. Riverside Center was one such mall that became transformed into 670,000 square feet of strip anchored by Wal-Mart, BJ’s and Lowes. But the mall developer is struggling with occupancy, losing Steve and Barry’s and Linens ‘n Things when they both filed for bankruptcy two years ago. The latest figures available show the mall is now 87 percent occupied.
Pyramid Companies tried selling many of its malls several years ago in an apparent bid to free up cash for the going-nowhere Destiny USA Mall/Cement Coffin in Syracuse, but withdrew for lack of a buyer. This relatively small center in Utica should appeal to the smaller developer looking to enter the market.
Riverside Center carries a debt of $38.1M. If you’re interested, better bring a big, fat checkbook.
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{ 2 comments… read them below or add one }
Maureen-
Cement coffin! Crack me up. So funny, it’s sad too.
Don
Yeah a college boyfriend of mine used to be a grave digger in the summer and he told me every coffin gets placed in a cement box first. That’s actually what I meant about Carousel but I don’t know if everyone would get it. I agree it’s both funny and sad that our town pinned so much of our future on something that looks like that.