Retail hub evolving in Fingerlakes.
HFF managing director Chris Turner led the investment sales team exclusively on behalf of the seller, Gregory Greenfield & Associates, Ltd.
The sale to Fingerlakes Mall Acquisition, LLC, included three components, the 427,407 s/f enclosed mall, four approved outparcel sites totaling 5.22 acres and 56.66 acres of land with future development potential.
The mall is the only enclosed regional mall in the Interstate 90 corridor between Syracuse and Rochester. It is more than 90% occupied by anchor tenants Bass Pro Shops, Sears, Steve and Barry's, JCPenney and Fingerlakes Theatre.
The mall underwent more than $1 million in renovations in 2004, which, combined with the addition of the Bass Pro store and the expansion of Sears, created a substantial spike in leasing momentum. "Greenfield and his partners' areas of expertise are in purchasing, financing and enhancing mall properties, which is exactly what they did with Fingerlakes Mall," said Turner.
"The mall scored big when it landed New York State's first and only Bass Pro Shops Outdoor World store, a destination retailer revered by outdoor sportsmen, which has created a draw throughout the region for the center."
"Property enhancements, the mall's successful repositioning and the potential for further value enhancement though the outparcel sites and 56-acre land development opportunities created a great deal of interest from an investment standpoint," Turner added.
"The mall has the opportunity to become the centerpiece of an evolving retail hub whose success has been the catalyst for a plethora of recent development in the area."
Gregory Greenfield & Associates, Ltd. is a real estate investment and development company based in Atlanta, Georgia.
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|Publication:||Real Estate Weekly|
|Date:||Nov 29, 2006|
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