Printer Friendly

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.

COPYRIGHT 2013 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
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
Previous Article:Bklyn development site sells for $12.7 million cash: Highcap Group.
Next Article:Eastern marketing retail condos, apartment building: Eastern Consolidated.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters