In a release, Katz Properties principal Daniel Katz cites the asset's stability and the "strong demographics and steady growth" of the surrounding community in the Finger Lakes resort region of upstate New York. "We'll continue to seek additional acquisition opportunities of this sort in this marketplace and in the region at large."

Located at 5150 North St. in Canandaigua, Tops Plaza is currently 100% occupied by a 58,000-square-foot Tops Supermarket. It was built in 2003 and is situated on 11 acres. There's also an additional; pad site for future development.

"The property fits well within our core yield portfolio of grocery anchored shopping centers," says Katz Properties principal Daniel Kaufthal in the release. He adds that he and Katz were "very attracted to the stability of the long-term lease backed by guaranty from Royal Ahold, which formerly owned the grocery chain, and that "the potential to lease up the vacant pad site only sweetens the pot."