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DDR Sells Upstate NY Power Center to DRA Advisors JV
Southern Tier Crossing, a 174,642-square-foot retail asset within a 522,734-square-foot power center in the Elmira metro area of upstate New York, has sold to a joint venture of DRA Advisors and DLC Management Corp. NKF Capital Markets’ Geoffrey Millerd and Justin Smith marketed the Horseheads, NY property on behalf of DDR; it traded for $18.5 million.
“As the single largest power center in the immediate trade area, Southern Tier Crossing has attracted a host of category-leading retailers,” said Smith. “The asset also features the ability to drive NOI growth via leasing existing vacant spaces and monetizing the development parcel adjacent to Walmart.”
The property is 89% leased to a national tenant roster anchored by Dick’s Sporting Goods, Jo-Ann Fabric, PetSmart, Ulta Beauty, Five Below, Men’s Warehouse, Buffalo Wild Wings, Lane Bryant and Aspen Dental. It shares access with shadow anchors, including Walmart, Kohl’s and ALDI.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
