
Tonawanda, NY Cleeman Realty Group handled the $12.677 million off-market sale of a free-standing Tops Supermarket. The grocery store is located in Buffalo-Niagara Falls MSA off the highly trafficked Niagara St. The property consists of 67,041 s/f that is net leased to Tops Supermarket. The store has been at this location since early 2000.
Sam Seelenfreund of Cleeman Realty Group represented the buyer and seller in this transaction.
“The buyer was attracted to the strong sales volume at the store and the absolute NNN lease that has no landlord obligations,” said Seelenfreund.
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,