Marcus & Millichap arranges sale of net-leased 11,400 s/f AutoZone property in Buffalo

Buffalo, NY Marcus & Millichap negotiated the sale of a net-leased AutoZone property.

“This transaction required a highly coordinated execution strategy, as the sale occurred simultaneously with two refinancings tied to a three-property cross-collateralized loan,” said Mitch Grant. “After Rite Aid vacated the property, we guided the seller through the re-tenanting process, secured a new 10-year lease with AutoZone and generated multiple offers on the investment sale. Ultimately, AutoZone exercised its right of first refusal and acquired the property for its continued expansion in the Buffalo market.”

Grant and Nicholas Kanich, investment specialists in Marcus & Millichap’s Chicago downtown office, in association with John Horowitz, Marcus & Millichap’s New York broker of record, had the exclusive listing to market the property on behalf of the private California-based seller.

The newly renovated, 11,400 s/f AutoZone property is located at 291 W. Ferry St. The asset is backed by a newly signed 10-year corporate-guaranteed double-net lease and benefits from visibility, frontage on three streets and proximity to the Peace Bridge, which provides direct access between the U.S. and Canada.