Johnson City, NY Meldrim’s Paint Center is coming to River Plaza shopping center, in an expansion move for the century-old regional retailer. Located at 786 Main St., off the Southern Tier Expwy., the 47,000 s/f center is managed by Levin Management Corp. (LMC).
Scott Burdett of Flaum Management Company Inc., who represents LMC locally, arranged the 6,000 s/f lease on behalf of property ownership. Savannah Mallery of Warren Real Estate represented the tenant.
The River Plaza store will be the company’s third, joining locations in Cortland and Ithaca. The ownership also operates Urbanik’s Paint in Utica.
“The Meldrim’s Paint Center at River Plaza will be a fully modernized, brand-new store with a beautiful layout,” said Kaitlyn Head, director of operations. “We look forward to serving the Johnson City community with our signature customer service and variety of paints, stains, supplies and window treatments.”
River Plaza’s tenant mix also includes Ollie’s Bargain Outlet, A&A Beauty Supplies and shadow anchor Home Depot.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,