Pine Plaza, the 87,093-square-foot shopping center located at Niagara Falls Boulevard and Military Road has been sold for $8,140,000.
Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale to a private local buyer on Tuesday.
Pine Plaza is anchored by Office Depot and Planet Fitness, the property was 83 percent occupied at the time of sale. The asset is located amongst dense demographics and within the epicenter of Niagara Falls primary retail corridor. The vacancy is comprised of a few easy-to-lease inline small-shop units, providing the opportunity to add value in the near-term via lease-up.
“With the spread between interest rates and cap rates so thin and retail occupancy being exceptionally high, quality shopping center assets with upside potential are extremely desirable,” said Fuller. Other tenants at the center include Family Dollar, CosmoProf, H&R Block, Cricket Wireless, and Duff’s Famous Wings.
Craig Fuller, Erin E. Patton, and Scott Wiles of Patton | Wiles Fuller Group in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, an Atlanta-based private fund. Patton | Wiles | Fuller sourced a private local buyer for the asset, who closed the transaction with new bank financing in place. John Horowitz, New York Broker of Record, assisted in closing this transaction.