JLL closes sale of grocery-anchored retail center in Upstate New York

 MORRISTOWN, N.J., October 5, 2020 – JLL Capital Markets announced today that it has closed the sale of Tops Plaza, a 133,849-square-foot retail center anchored by Tops grocery store in the Central Upstate community of Cortland, New York.  

JLL marketed the property on behalf of the seller, a CMBS trust. Namdar Realty Group purchased the asset.  

Tops Plaza is anchored by Tops, the region’s leading grocer, and home to a diverse mix of service-oriented, essential and traditional retail tenants. The 90 percent-leased retail center was completed in 1994 and most recently renovated in 1999. Situated on 21.6 acres at 3918-3944 Route 281, the center is within the main commercial hub of Cortland, which is in the geographic center of the state and about 33 miles south of Syracuse. The property has more than 600 feet of frontage along 218, a state highway with annual average daily traffic counts of nearly 15,000. This area of New York encompasses parts of the Finger Lakes region, which attracts more than 5.5 million annual visitors.

The JLL Capital Markets team representing the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli. Jonathan Abda, Director of Acquisitions and Dispositions at Namdar Realty Group, represented the buyer.

“We are seeing strong demand for grocers, as that predictable cash flow has value for both private and institutional investors,” Cruz said.

“We continue to seek opportunity and be active in the marketplace and are glad to have been able to acquire another grocery-anchored asset during these unprecedented times,” Abda added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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