Buffalo, NY Rafinia Property Group brokered the sale of a 100,000 s/f big box-anchored shopping center. The subject sold for $8 million by Rafinia principal Evan Rafinia. The property was purchased by a private investment group.
Earlier in the year, the firm also closed on an acqusition of a 90,000 s/f grocery anchored strip center near Chicago, Ill. and brokered teh sale of a 70,000 s/f shopping center in St. Louis, MS.
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,