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Shopping Neighborhood

Tops Plaza

1000 Portage Rd, Niagara Falls, NY 14301

Listing Price: $12,000,000

Cap Rate
8.75%
Gross SF
115,486
Rentable SF
115,486
Price/Gross SF
$103.91
Lot Size
9.17 acres
Year Built
1991

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Tops Plaza, a 115,486-square-foot grocery-anchored neighborhood shopping center located in a densely population section of Niagara Falls, New York (Buffalo-Niagara MSA - Erie County) on Portage Road. The center is anchored by Tops Markets, the only full size grocer in the market, and sub-anchored by Dollar Tree, Family Dollar and Rainbow Shops. United Healthcare also has a license agreement to use 1,500 square feet as office space. There are two vacant units totaling 7,830 square feet (6.8 percent of GLA) providing upside for the investor. The immediate area surrounding the property is a densely populated single-family and multi-family residential working-class community. Within just a few blocks are Niagara Falls Medical Center, Niagara Rehabilitation and Nursing Center, Harry F. Abate Elementary School, Niagara Falls Public Library and Niagara Falls DMV. Seneca Niagara Resort and Casino is less than two miles west. Tops Plaza is across the street from NFTA Metropolitan Transportation Center. All of these facilities contribute to the economic vitality of the area. The center has frontage on Portage Road (9,645 vehicles per day), providing excellent visibility and easy access via four entrances, one of which is signalized. There are also three entrances on Cedar Avenue, one of which is signalized, and one entrance on Chilton Avenue. There is access at the rear of the center for deliveries via Elmwood Street. Price Chopper and Tops Markets have executed a definitive agreement to merge which will create the second largest supermarket retailer in the region with nearly 300 stores in six states generating $5.5 billion in annual sales, thus creating a regional powerhouse with tremendous purchasing power and elevating the combined stores’ ability to compete on every level. The stores will continue to operate under their current names serving their extremely loyal customers. There is no nearby, overlapping Price Chopper store for this location, nor elsewhere in Western New York. The center offers investors the opportunity to acquire a grocery-anchored center with national tenants and upside from lease up of 7,830 square feet and steady NOI growth from in-place and option rent increases.

Investment Highlights

  • Anchored by Tops Markets, the only full-size grocer in the market, with lease to 03/31/28 plus two, five-year options
  • The soon to be merged Price Chopper and Tops Markets will be a regional powerhouse with nearly 300 stores in six states generating $5.5 billion in annual sales
  • Co-Anchored by National Tenants, Dollar Tree, Family Dollar and Rainbow Shops
  • Tops Markets has a fuel service station which helps drive traffic to the center
  • According to Placer.ai data, this Tops location is in the top 35 percent of the chain in terms of number of visits
  • Located near Niagara Falls Memorial Medical Center, Niagara Rehabilitation & Nursing Center, NFTA Metropolitan Transportation Station, and Seneca Niagara Resort & Casino
  • Well-located on Portage Road, the area's major retail corridor
  • Four entrances, two are signalized

Exclusively Listed By

  • Joseph French Jr.

    Licensed Associate Real Estate Broker

    (914) 220-9740

    Email Joseph

    License(s): PA: AB067393, NY: 10301207036, MA: 138295, CT: REB.0239741, NJ: 9210310

    Westchester

  • Thomas Dalzell

    Licensed Real Estate Salesperson

    (914) 220-9743

    Email Thomas

    License(s): NY: 10401232983

    Westchester

  • Kodi Traver

    Licensed Real Estate Salesperson

    (914) 220-9758

    Email Kodi

    License(s): NY: 10401335618

    Westchester

Financing By

Listing Price: $12,000,000

Cap Rate
8.75%
Gross SF
115,486
Rentable SF
115,486
Price/Gross SF
$103.91
Lot Size
9.17 acres
Year Built
1991

Investment Highlights

  • Anchored by Tops Markets, the only full-size grocer in the market, with lease to 03/31/28 plus two, five-year options
  • The soon to be merged Price Chopper and Tops Markets will be a regional powerhouse with nearly 300 stores in six states generating $5.5 billion in annual sales
  • Co-Anchored by National Tenants, Dollar Tree, Family Dollar and Rainbow Shops
  • Tops Markets has a fuel service station which helps drive traffic to the center
  • According to Placer.ai data, this Tops location is in the top 35 percent of the chain in terms of number of visits
  • Located near Niagara Falls Memorial Medical Center, Niagara Rehabilitation & Nursing Center, NFTA Metropolitan Transportation Station, and Seneca Niagara Resort & Casino
  • Well-located on Portage Road, the area's major retail corridor
  • Four entrances, two are signalized

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Tops Plaza, a 115,486-square-foot grocery-anchored neighborhood shopping center located in a densely population section of Niagara Falls, New York (Buffalo-Niagara MSA - Erie County) on Portage Road. The center is anchored by Tops Markets, the only full size grocer in the market, and sub-anchored by Dollar Tree, Family Dollar and Rainbow Shops. United Healthcare also has a license agreement to use 1,500 square feet as office space. There are two vacant units totaling 7,830 square feet (6.8 percent of GLA) providing upside for the investor. The immediate area surrounding the property is a densely populated single-family and multi-family residential working-class community. Within just a few blocks are Niagara Falls Medical Center, Niagara Rehabilitation and Nursing Center, Harry F. Abate Elementary School, Niagara Falls Public Library and Niagara Falls DMV. Seneca Niagara Resort and Casino is less than two miles west. Tops Plaza is across the street from NFTA Metropolitan Transportation Center. All of these facilities contribute to the economic vitality of the area. The center has frontage on Portage Road (9,645 vehicles per day), providing excellent visibility and easy access via four entrances, one of which is signalized. There are also three entrances on Cedar Avenue, one of which is signalized, and one entrance on Chilton Avenue. There is access at the rear of the center for deliveries via Elmwood Street. Price Chopper and Tops Markets have executed a definitive agreement to merge which will create the second largest supermarket retailer in the region with nearly 300 stores in six states generating $5.5 billion in annual sales, thus creating a regional powerhouse with tremendous purchasing power and elevating the combined stores’ ability to compete on every level. The stores will continue to operate under their current names serving their extremely loyal customers. There is no nearby, overlapping Price Chopper store for this location, nor elsewhere in Western New York. The center offers investors the opportunity to acquire a grocery-anchored center with national tenants and upside from lease up of 7,830 square feet and steady NOI growth from in-place and option rent increases.

Exclusively Listed By

  • Joseph French Jr.

    Licensed Associate Real Estate Broker

    (914) 220-9740

    Email Joseph

    License(s): PA: AB067393, NY: 10301207036, MA: 138295, CT: REB.0239741, NJ: 9210310

    Westchester

  • Thomas Dalzell

    Licensed Real Estate Salesperson

    (914) 220-9743

    Email Thomas

    License(s): NY: 10401232983

    Westchester

  • Kodi Traver

    Licensed Real Estate Salesperson

    (914) 220-9758

    Email Kodi

    License(s): NY: 10401335618

    Westchester

Financing By

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