Press Releases
Marcus & Millichap Announces the Sale of Pine Plaza, an 87,000-Square-Foot Neighborhood Shopping Center in Niagara Falls
June 12, 2023
NIAGARA FALLS, New York, June 12, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Pine Plaza, a 87,093-square-foot neighborhood shopping center located in Niagara Falls, New York. The asset sold for $8,140,000.
Craig Fuller, Erin E. Patton, and Scott Wiles of Patton | Wiles Fuller Group in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, an Atlanta-based private fund. Patton | Wiles | Fuller sourced a private local buyer for the asset, who closed the transaction with new bank financing in place. John Horowitz, New York Broker of Record, assisted in closing this transaction.
Pine Plaza is located at 8207 Niagara Falls Boulevard in Niagara Falls, New York. Anchored by Office Depot and Planet Fitness, the property was 83 percent occupied at the time of sale. The asset is located amongst dense demographics and within the epicenter of Niagara Falls primary retail corridor. The vacancy is comprised of a few easy-to-lease inline small-shop units, providing the opportunity to add value in the near-term via lease-up. “With the spread between interest rates and cap rates so thin and retail occupancy being exceptionally high, quality shopping center assets with upside potential are extremely desirable,” said Fuller. Other tenants at the center include Family Dollar, CosmoProf, H&R Block, Cricket Wireless, and Duff’s Famous Wings.
Craig Fuller, Erin E. Patton, and Scott Wiles of Patton | Wiles Fuller Group in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, an Atlanta-based private fund. Patton | Wiles | Fuller sourced a private local buyer for the asset, who closed the transaction with new bank financing in place. John Horowitz, New York Broker of Record, assisted in closing this transaction.
Pine Plaza is located at 8207 Niagara Falls Boulevard in Niagara Falls, New York. Anchored by Office Depot and Planet Fitness, the property was 83 percent occupied at the time of sale. The asset is located amongst dense demographics and within the epicenter of Niagara Falls primary retail corridor. The vacancy is comprised of a few easy-to-lease inline small-shop units, providing the opportunity to add value in the near-term via lease-up. “With the spread between interest rates and cap rates so thin and retail occupancy being exceptionally high, quality shopping center assets with upside potential are extremely desirable,” said Fuller. Other tenants at the center include Family Dollar, CosmoProf, H&R Block, Cricket Wireless, and Duff’s Famous Wings.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
