Horvath and Black of Marcus & Millichap complete $1.773 million sale of Village Square

November 10, 2015 - Upstate New York
Village Square - North Creek, NY Village Square - North Creek, NY
North Creek, NY Bob Horvath and Jeremy Black of Marcus & Millichap, one of the leading commercial real estate investment services firms, have brokered the transaction of Village Square – a Tops Market grocery anchored center, according to Tim Thompson, sales manager of the firm’s Boston office. Village Square is a 26,253 s/f shopping center anchored by a regional grocery supplier located on Main St. (Rte. 77). Built in 1990, Village Square is the dominant grocery center in the town. Tops exercised its first option period and has four five-year options remaining with 10% escalations in each option. Adirondack Spirits has two plus years remaining on its original five-year lease and two five-year options with 3% annual escalations. Included in the sale is an additional 1.550-acre parcel located at 295 Main St. North Creek’s Main St. is lined with many antique shops, country stores, bed and breakfasts and restaurants offering visitors and shoppers a rich variety of historic, artistic and cultural attractions. North Creek is located within a hour drive of Lake Champlain, Lake George, Albany and the Adirondack High Peaks. The sale closed at a price of $1.773 million. Horvath and Black exclusively represented the seller; Village Square Associates, and procured the buyer; Tops Market, LLC. J.D. Parke, district manager and broker of record (NY) facilitated the transfer process.

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