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Canadians buy upstate: Marcus & Millichap.

Marcus & Millichap Real Estate Investment Services announced the sale of Johnson City Town Center, a 83,866 s/f retail property in Johnson City, a village in Broome County, N.Y. that is part of the Binghamton, N.Y. metropolitan statistical area. The sales price of $10.8 million equates to $129 psf.

Steven Stoehrer, a senior associate, and Preet Sabharwal, an associate, both in the firm's Manhattan office, represented the seller, a New York-based development fund. The buyer is a Canadian equity fund.

"Johnson City Town Center is a stable asset with long-term leases backed by a 100 percent national tenancy," says Stoehrer. The property is located along a strong retail corridor at 420 Harry L Drive in Johnson City, one-half mile away from the Oakdale Mall, a major indoor shopping destination for the greater Binghamton area.

Johnson City Town Center is anchored by a 34,627-square foot Christmas Tree Shops that comprises 41 percent of the tenancy. Other tenants include Petco, Party City, Five Below and Lumber Liquidators.

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Title Annotation:SELLING POINTS; Marcus & Millichap Real Estate Investment Services
Comment:Canadians buy upstate: Marcus & Millichap.(SELLING POINTS)(Marcus & Millichap Real Estate Investment Services)
Publication:Real Estate Weekly
Article Type:Brief article
Date:Mar 6, 2013
Words:170
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