Article: New York's Blackstone Group Buys Albany-Area Mall.

By Kevin Harlin, Times Union, Albany, N.Y. Knight Ridder/Tribune Business News

Aug. 27--A New York City investment firm has purchased Colonie Center, and some cosmetic renovations are in store for the 36-year-old mall.

The price and other transaction information were not yet on file with the Albany County Clerk's Office. Spokesmen for the new owners, The Blackstone Group, could not be reached Monday.

But that company has hired Chicago-based management firm Urban Retail Properties Co. to oversee the 1.4 million-square-foot mall. That arrangement was effective Monday.

Urban Retail's chief executive officer, Ross Glickman, said he ...

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