Institutional Property Advisors Brokers New York State Redevelopment Opportunity Sale
April 17, 2023
YORKTOWN HEIGHTS, N.Y., April 17, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Shoppes at Jefferson Valley Mall, a 153,151-square-foot building in Yorktown Heights, New York.
“Located in a Northern Westchester County trade area with a population of 85,000 and $123,000 median annual household income within five miles, the property’s 24.2% occupancy at the time of the sale gives the buyer an opportunity to lease the remaining vacant space,” said Joseph French Jr. with IPA in Westchester. French and Kodi Traver represented the seller and procured the buyer, a private investor based in New York.
The building is adjacent to Jefferson Valley Mall, the largest enclosed mall in the vicinity, and easily accessible from the Taconic State Parkway.
Built in 1983 on nearly 12 acres, The Shoppes at Jefferson Valley Mall was formerly occupied by Sears. It is now occupied by a 24 Hour Fitness with approximately 12 years remaining on its lease. Funtime Entertainment has a license to use 2,500 square feet of the building for storage. The four-suite building has street access from the ground and second floors.
“Located in a Northern Westchester County trade area with a population of 85,000 and $123,000 median annual household income within five miles, the property’s 24.2% occupancy at the time of the sale gives the buyer an opportunity to lease the remaining vacant space,” said Joseph French Jr. with IPA in Westchester. French and Kodi Traver represented the seller and procured the buyer, a private investor based in New York.
The building is adjacent to Jefferson Valley Mall, the largest enclosed mall in the vicinity, and easily accessible from the Taconic State Parkway.
Built in 1983 on nearly 12 acres, The Shoppes at Jefferson Valley Mall was formerly occupied by Sears. It is now occupied by a 24 Hour Fitness with approximately 12 years remaining on its lease. Funtime Entertainment has a license to use 2,500 square feet of the building for storage. The four-suite building has street access from the ground and second floors.
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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.