Joseph Pietrafesa of Investment Real Estate Advisors has sold the Tops Plaza for $2.65 million. Pietrafesa brokered the transaction between an Upstate N.Y. partnership, PP&B LLC, and a Long Island buyer. The buyer purchased the property as part of a 1031 Exchange.
Tops Plaza is an 82,600 s/f center that is master leased by Tops Markets. In addition to grocery, it contains a Dollar Store, Value Home Store and a bank branch.

The property was previously master leased by P&C Foods, part of Penn Traffic. Tops acquired certain assets from Penn Traffic last spring, which included the assignment of this long-term leasehold.
Investment Real Estate Advisors represents buyers and sellers with investment grade commercial properties and has offices in Florida and Virginia. Tags: