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Finger Lakes Supermarket Trades for $9M

CANANDAIGUA, NY-Katz Properties' purchase of Tops Plaza here fits in with the buyer's core portfolio of grocery-anchored shopping centers.

By Paul Bubny | Updated on March 26, 2010

CANANDAIGUA, NY-New York City-based Katz Properties has acquired Tops Plaza shopping center here for $8.75 million. The seller was Philips Edison & Co.

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.

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