 |
| Cityfeet Local is your #1 source for Nebraska Commercial Real Estate, Nebraska Office Space, Nebraska Businesses For Sale, Nebraska Industrial Property, and Nebraska Retail Property. |
|
|
|
|
|  |
|
|
 |
|
| Commercial Real Estate Press Release |
 |
|
MARCUS & MILLICHAP LISTS $7 MILLION ENCLOSED SHOPPING MALL IN WESTERN NEW YORK
Stacey Corso, (925) 953-1716
Marcus & Millichap
|
Thursday, November 05, 2009 -
WHEATFIELD, N.Y., Nov. 5, 2009 –Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Summit Mall, a 710,899-square foot enclosed shopping mall in Wheatfield. The listing price of $7 million represents $12 per square foot. The property has 582,502 square feet of gross leaseable space.
Jeffrey B. Verchow and Gary P. Calagna, retail investment specialists in the firm’s New Jersey office, in cooperation with J.D. Parker, regional manager of Marcus & Millichap’s Brooklyn office, are representing the seller, a North Carolina-based real estate investment firm.
“This offering is an opportunity for an experienced retail operator to purchase a 64-acre enclosed mall retail space at a fraction of its replacement cost, with a true upside through repositioning,” says Verchow. “In addition, the seller is offering attractive financing for qualified buyers. The current owner entered into voluntary Chapter 11 bankruptcy but has since terminated his case and is now authorized to make all decisions regarding the property without court supervision.”
The occupied spaces at The Summit Mall are three freestanding buildings on separate tax parcels. They are a 30,000-square foot building leased to Toys ‘R’ Us, currently subleased to Save-A-Lot, a 88,128-square foot building leased to Bon-Ton and a 125,000-square foot building owned and occupied by Sears, which is not a part of this offering.
Constructed in 1972 by Forest City Enterprises, The Summit Mall was expanded in 1979. The current ownership completed more than $10 million in renovations between 2004 and 2006. Improvements include a new roof, new skylights, new HVAC equipment, updated concourses and front entries.
The Summit Mall is located a quarter-mile from the Niagara Falls International Airport, which recently received $43.9 million in improvements, including a new 69,430-square foot state-of-the-art terminal. The Niagara Falls International Airport averages110 flights per day.
Verchow and Calagna are experienced western New York retail investment specialists, having closed a retail transaction on Pine Avenue in Niagara Falls earlier this year.
“The Summit Mall, formerly The Summit Park Mall, was the first mall of its size to come online in Niagara County and has been an important part of the community for many years,” comments Verchow. “By utilizing Marcus & Millichap’s unparalleled access to investment capital, we hope to help in the successful turnaround of the mall’s fortunes.”
|
|
Additional Resources (sponsored
links)
Ads
By Google
|
|
|
|
|
 |
|
|  |
|
|
|
 |
 |
|
|
| CityfeetLocal is the leading online commercial real estate network, connecting commercial real estate property owners and brokers to tenants, brokers and investors. CityfeetLocal offers commercial real estate products and services catering to the national and local needs of the commercial real estate industry . CityfeetLocal specializes in all commercial real estate property categories including office space, executive suites, commercial land, industrial property, retail space and businesses for sale. |
| | | | |
| ©2009 Cityfeet.com - All Rights Reserved |
|
 |
|