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AUBURN, NY-Gregory Greenfield & Associates Ltd. has sold the Fingerlakes Mall here to Fingerlakes Mall Acquisition LLC. Holliday Fenoglio Fowler LP handled the transaction.
The sale, for an undisclosed price, includes the 427,407-sf enclosed mall, 5.2 acres of four approved outparcels and 56.7 acres of developable land. Located at 1579 Clark Street Rd., the mall sits on a total of 107 acres and is a prime retail destination as there is not another enclosed mall along I-90 between Syracuse and Rochester.
In 2004, Gregory Greenfield spent $1 million in renovations adding a Bass Pro Shop and expanding the Sears store. When the outdoor recreational retailer moved into the mall, it became the first Bass Pro Shop in New York. The improvements helped bring additional leases; now the property is 90% leased to a variety of tenants. Beyond Bass Pro Shop and Sears, the mall also includes Steve and Barry's, JC Penney, Bath and Body Works, Foot Locker, GNC and Fingerlakes Theatre.
"Property enhancements, the mall's successful repositioning in the market and the potential for further value enhancement through the outparcel sites and 56-acre land development opportunities created a great deal of interest from an investment standpoint and made it an extremely attractive purchase," Chris Turner, HFF managing director said in a release.
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