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|
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