One of the Auburn area's largest shopping centers is under new ownership.
Fingerlakes Crossing in Aurelius has been sold for $13.1 million to Northeast Capital Group, of Ramapo, said commercial real estate company CBRE, which represented sellers the Kipling Group, of Toronto, and the Cameron Group, of Syracuse, in the transaction.
The transaction was a 1031 exchange — an IRS designation that means the exchange deferred any capital gains or losses, and thus their associated taxes.
David Gavin, a first vice president with CBRE, said Tuesday that Northeast Capital had recently sold a property, and sought to acquire another one in order to defer the capital gains taxes it would owe on the sale. CBRE then presented Northeast Capital with Fingerlakes Crossing, and the group closed on the shopping center a few days ago.
The 245,666-square-foot Fingerlakes Crossing's current tenants include The Home Depot, Dick's Sporting Goods, Kohl's and Petco. The Cameron Group opened the center in 2007 due to the 2004 opening of Bass Pro Shops across Clark Street Road at Fingerlakes Mall.
In a news release, CBRE noted the center's 91-percent occupancy, location along Routes 5 and 20, and more than 70,000 square feet of property with potential for further development. Gavin added that Northeast Capital is already planning to pursue leasing the 16,000-foot space that formerly housed Circuit City.
"We were pleased to add this property to our growing portfolio," said Joel Kiss, of Northeast Capital, in the release. "It met our investment parameters for secondary markets with its market dominance, top-of-the-line tenancy and plenty of value-add opportunities."