
Medina, NY Cleeman Realty Group completed the sale of a three-property Tops Supermarket portfolio totaling 167,500 s/f of gross leasable area across Western New York. The portfolio includes properties located at 1000 Portage Rd. in Niagara Falls, 12775 Bdwy. in Springville, and 11200 Maple Ridge Rd. in Medina.
Sam Seelenfreund of Cleeman Realty Group represented the buyer and the seller in the transaction.
“The buyer was drawn to the strong credit profile of Tops Markets combined with the long-term stability and minimal landlord responsibilities associated with these assets,” said Seelenfreund. “This portfolio offered an attractive blend of scale, durability, and predictable cash flow.”
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,