New York – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of the Tops Plaza portfolio, consisting of five grocery-anchored retail properties totaling 425,188 square feet in Upstate New York. The final sale price was $38,500,000.
Cushman & Wakefield’s Gary Gabriel, Brian Whitmer, Frank DiTommaso, Max Helfman and Peter Welch, along with Pyramid Brokerage’s Chris Giunta, Ben Borruso and John Kaman, represented the sellers, Cofinance Group and TriGate Capital, in the transaction. Mark Winter-Gitelson and Renat Yusufov of Cofinance Group led disposition efforts on behalf of the sellers’ team. Cleeman Realty represented the buyers, Sky Capital Group and Four Points Management.
“Grocer-anchored investment properties have remained highly sought-after, proving their resiliency throughout the pandemic and post-pandemic environments,” said Whitmer.
“With 93% occupancy across the portfolio and each center anchored by a Tops Market, which recently merged with Price Chopper to double their footprint to nearly 300 stores, this portfolio offered investors a durable cash flow and significant market share in an already established Tops-dominated region,” added DiTommaso.
The portfolio consists of five properties located at 658 West Main Street in Arcade, 270 East Main Street in Avon, 1800 Lake Road in Hamlin and 150 Niagara Street and 890 Young Street in Tonawanda – altogether surrounding the Buffalo and Rochester MSAs. The five-center portfolio is 93% leased.
The portfolio is situated throughout four towns in Upstate New York. Tops Market represents the only major chain grocer in three out of the five properties’ respective trade areas with gas stations featured at four of the centers.
Photos of the assets can be downloaded here.