News:
Brokerage
Posted: July 11, 2023
Marcus & Millichap sells 87,093 s/f
Pine Plaza for $8.14 million
Niagara Falls, NY Marcus & Millichap negotiated the sale of Pine Plaza, a 87,093 s/f neighborhood shopping center located at 8207 Niagara Falls Blvd. The asset sold for $8.14 million.
Craig Fuller, Erin Patton, and Scott Wiles of Patton | Wiles | Fuller Group in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, an Atlanta-based private fund.Patton | Wiles | Fuller sourced a private local buyer for the asset, who closed the transaction with new bank financing in place. John Horowitz, New York broker of record, assisted in closing.
Pine Plaza is anchored by Office Depot and Planet Fitness, the property was 83% occupied at the time of sale. The asset is located amongst dense demographics and within the epicenter of Niagara Falls primary retail corridor. The vacancy is comprised of a few easy-to-lease inline small-shop units, providing the opportunity to add value in the near-term via lease-up.
“With the spread between interest rates and cap rates so thin and retail occupancy being exceptionally high, quality shopping center assets with upside potential are extremely desirable,” said Fuller. Other tenants at the center include Family Dollar, CosmoProf, H&R Block, Cricket Wireless, and Duff’s Famous Wings.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 250 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
.gif)
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
.gif)