By Michael DeMasi  –  Reporter, Albany Business Review

Apr 13, 2021

The 1 million-square-foot Amazon distribution center in the Rensselaer County town of Schodack sold for $125 million to a commercial real estate investment firm that manages more than $1 billion in assets worldwide.

Real Capital Solutions of Louisville, Colorado, bought the massive building off Route 9 in the rural town from Scannell Properties of Indianapolis, according to a deed filed in the county clerk’s office.

Scannell spent an estimated $100 million to construct the distribution center on land near Exit 11 of Interstate 90.

The facility, which was opposed by a group of neighbors who tried to block it in court due to environmental concerns, opened last fall. More than 1,000 people work there, according to an Amazon spokeswoman.

The sale price is the highest for commercial real estate in the Albany region since Colonie Center sold in 2013 for $106.6 million, according to the state’s Office of Real Property Tax Services. Adjusting for inflation, that’s equivalent to about $121 million today.

This is the first investment in the Albany region for Real Capital Solutions.

Full Article Link:  https://www.bizjournals.com/albany/news/2021/04/13/amazon-distribution-center-property-schodack-sold.html?b=1618337188%5E21890694