Tops Plaza at 3918-3944 Route 281 in Cortland, New York — Courtesy: JLL
By Joshua Burd
An investment firm has acquired a grocery-anchored retail center in Upstate New York, in a transaction arranged by JLL’s New Jersey capital markets group.
The brokerage team announced Monday that Namdar Realty Group has purchased Tops Plaza, a 133,849-square-foot retail center at 3918-3944 Route 281 in Cortland, for an undisclosed price. The firm noted that the property, which is anchored by a Tops grocery store, is 90 percent leased to a mix of service-oriented, essential and traditional retail tenants.
JLL’s Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli led the Morristown-based capital markets team representing the seller, a commercial mortgage-backed securities trust. Jonathan Abda, director of acquisitions and dispositions at Namdar Realty Group, represented the buyer.
“We are seeing strong demand for grocers, as that predictable cash flow has value for both private and institutional investors,” Cruz said.
In a news release, JLL said Tops Plaza was completed in 1994 and most recently renovated in 1999. Sitting on 21.6 acres, the center is within the main commercial hub of Cortland, which is in the geographic center of the state and about 33 miles south of Syracuse.
The property also has more than 600 feet of frontage along Route 218, a state highway with annual average daily traffic counts of nearly 15,000.
“We continue to seek opportunity and be active in the marketplace and are glad to have been able to acquire another grocery-anchored asset during these unprecedented times,” Abda said.