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Brokerage
Posted: July 13, 2015
Horvath, Tremblay, and Black of Marcus & Millichap secure $5.4 million; reps seller, Saranac Lake Plaza Associates and buyer, Magdi
Bob Horvath, Todd Tremblay, and Jeremy Black of Marcus & Millichap Real Estate Investment Services, one of the nation's largest real estate investment services firms, have brokered the transaction of the Saranac Lake Shopping Center.
Saranac Lake Shopping Center is a 68,225 s/f regional grocery anchored center located on Lake Flower Ave., the main retail corridor in the town. This grocery anchored center is the dominant retail center in the town and has a diverse tenant mix. Tenants include: TOPS Market, Ace Hardware, Advance Auto, Dollar Tree, Radio Shack, Rent-A-Center, Wireless World and Dunkin' Donuts. Four tenants have renewed/extended their current lease terms including: Advance Auto Parts, Radio Shack, Rent-A-Center and Dollar Tree.
Saranac Lake is a regional vacation destination located within the boundaries of Adirondack Park and is within seven miles of Lake Placid. Saranac Lake was voted the Best Small Town in the State of New York and ranked 11th in the U.S. of the '100 Best Small Towns in America.'
The sale closed at a price of $5.4 million. Horvath, Tremblay and Black represented the seller, Saranac Lake Plaza Associates, LP; the buyer was Magdi, LLC.
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