One of the area’s largest shopping malls is up for sale. According to an out-of-state source with knowledge of the situation, Colonie Center is on the market.

Colonie Center was purchased six years ago by Kohlberg Kravis Roberts and Co., and Pacific Retail Capital Partners.

Colonie Center General Manager Russ Ivory did not confirm the mall is for sale, but did say this moment encourages a fresh approach to the master plan at Colonie Center. He then referred us to KKR who declined to comment, as did Pacific Retail.

A source tells Spectrum News the real estate management company Jones Lang LaSalle, has been hired to market the 1.3 million square foot property to potential investors.

Ted Potrikus, president of the Retail Council of New York State, believes selling the mall could actually be looked at as a good thing. He considers Colonie Center to be strong and high performing, and says now might just be the best time to sell.

He believes the sale would not necessarily equate to stores closing, or that there could be a management shakeup.