Institutional Property Advisors Closes Grocery-Anchored Retail Center Sale in Upstate New York
January 27, 2023
WATERTOWN, N.Y., Jan. 26, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Plaza at Salmon Run, a 68,761-square-foot grocery-anchored retail plaza in Watertown, New York.
“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’s military reservation that is Watertown’s largest employer,” said IPA’s James Koury. “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.” IPA represented the seller and procured the buyer.
The Plaza at Salmon Run is clearly visible from Interstate 81 at its intersection with State Route 3/Arsenal Street. Shadow-anchored by national retailers including Lowe’s, Target, Sam’s Club and Walmart, the property shares a signalized light with the entrance of the Salmon Run Mall. Tenants at The Plaza at Salmon Run include a Red Robin restaurant, boating specialist West Marine, and the Zoom Tan tanning salon.
“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’s military reservation that is Watertown’s largest employer,” said IPA’s James Koury. “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.” IPA represented the seller and procured the buyer.
The Plaza at Salmon Run is clearly visible from Interstate 81 at its intersection with State Route 3/Arsenal Street. Shadow-anchored by national retailers including Lowe’s, Target, Sam’s Club and Walmart, the property shares a signalized light with the entrance of the Salmon Run Mall. Tenants at The Plaza at Salmon Run include a Red Robin restaurant, boating specialist West Marine, and the Zoom Tan tanning salon.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.