National + Retail | February 7, 2023

IPA Brokers Deal for Grocery-Anchored Center Near Upstate NY’s Fort Drum

Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently closed the sale of The Plaza at Salmon Run, a 68,761-square-foot grocery-anchored retail plaza in Watertown, NY. Terms of the sale weren’t disclosed.

IPA’s James Koury and Alex Quinn represented the seller and procured the buyer. “Located in one of Upstate New York’s dominant regional shopping areas, The Plaza at Salmon Run is close to Fort Drum, a U.S. Army military reservation that is Watertown’s largest employer,” said Koury.

He continued, “Anchor tenant Hannaford has operated in the center for 30 years, occupies 76% of the center’s total gross leasable area and recently extended its base lease term to May 2028.”

Shadow-anchored by national retailers including Lowe’s, Target, Sam’s Club and Walmart, The Plaza at Salmon Run shares a signalized light with the entrance of the Salmon Run Mall. In addition to the Hannaford supermarket, tenants include a Red Robin restaurant, boating specialist West Marine and the Zoom Tan tanning salon.

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Inside The Story

IPA's Koury

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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