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.