Seneca Falls, NY According to Royal Properties, Inc. and American Investment Properties, they have completed the $3.975 million sale of Liberty Center Plaza. The property sale price equates to $48.74 per s/f at a cap rate of 10.26%.
Liberty Center Plaza is a 81,554 s/f neighborhood center on 15.9 acres, at 2109 Rtes. 5 and 20. This property was built in 1956, has over 1,200 ft. of frontage on Highway US-20 and 319 parking spaces.
“At the end of the day, the cap rate made this an attractive opportunity for my client,” said Scott Meshil of Royal Properties, Inc., who represented the buyer.
Ron Koenigsberg, CCIM, president of American Investment Properties, acted on behalf of the seller.
“As a firm that leads and focuses on Long Island, our greatest challenge was finding a buyer seeking a large investment property outside of the Long Island area,” said Koenigsberg. “Once American Investment Properties obtained the exclusive listing, we began working and fielding the property. We persistently and strategically marketed the listing for a number of months, to investors and brokers. In the end, we secured a buyer with another brokerage firm that had clients seeking investments in the Upstate New York region.”
Tenants include Dollar Tree, Tractor Supply Store, M&T Bank, Salvation Army Store, H&R Block and more. Neighboring retailers include Walmart, Aldi, Burger King, Dunkin’ Donuts, Tops, Rite Aid, McDonald’s, Pizza Hut, Advance Auto Parts, Taco Bell and many more.