CBRE arranges sale of Tops Portfolio

Jeffrey Dunne and Steven Bardsley of CB Richard Ellis' New York institutional group collaborated with Robert Mahoney and Christian Williams of CBRE's Chicago office to sell the Tops Portfolio, a six-property 703,201 s/f Upstate New York portfolio. The team represented the seller in the sale, which consisted of various entities controlled by Prudential Real Estate Investors and Developers Diversified Realty Corporation, and also procured the buyer, COTOPS, LLC, an entity controlled by Cofinance, Inc. The Tops Portfolio consists of six neighborhood centers anchored by Tops Markets, the leading full-service grocer in Western and Central New York. The properties' complementary mix of prominent national and regional retailers that cater to the surrounding trade area provide both a local and regional draw. The following is a list of properties included in the transaction: * Tops Plaza, 150 Niagara St., Tonawanda, N.Y. - 97,014 s/f * Youngman Plaza, 890 Young St., Tonawanda, N.Y. - 318,166 s/f * Tops Plaza, 656 West Main St., Arcade, N.Y. - 65,915 s/f * Tops Plaza, 1800 Lake Rd., Hamlin, N.Y. - 60,488 s/f * Tops Plaza, 270 East Main St., Avon, N.Y. - 63,288 s/f * Tops Plaza, 199 South Main St., Elmira, N.Y. - 98,330 s/f Dunne said, "This portfolio acquisition by Cofinance provides them with a critical mass of grocery-anchored centers in Upstate New York and a terrific platform for them to grow their ownership in the region."