Johnstown & Massena, NY
The Chetek Group of Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire two dominant grocery-anchored shopping centers in Johnstown, New York – Johnstown Shopping Center and Massena, New York – Harte Haven Shopping Center, (“the Properties”). The Properties are 184 miles apart – directly north and south from one another. Totaling 482,643 square feet, the Properties are 99% leased to national credit tenants – which make up 75% of the square footage and minimum base rent. Both Properties are anchored by Price Chopper, one of the Northeast’s leading grocers with 137 supermarkets across 6 states.
Johnstown Shopping Center is 249,100 square feet and 99% leased. The property includes 11 buildings on both the east and west sides of Route 30A, at the intersection of Route 29 – which is the retail epicenter of Fulton County, New York.
Harte Haven Shopping Center is 233,543 square feet and 99% leased. The Property has been expanded three times and includes 5 buildings on the south side of St. Regis Boulevard (Route 37). The property is shadow anchored by a Walmart Supercenter (relocation store from St. Lawrence Plaza) and Home Depot.
The Properties have been meticulously maintained, with the overwhelming majority of the tenants offering investment grade national credit and long term leases.
The Properties have a combined NOI of – $3,016,376 and are being offered free and clear of debt
Market Dominant Grocery & Value Oriented Destination Retail Anchored Shopping Center Portfolio Located in Upstate New York.
2 Shopping Centers | 482,643 total SF | 99% Leased | 75% National Credit Tenants. Johnstown Shopping Center – Johnstown, New York | 249,100. Harte Haven Shopping Center – Massena, New York | 233,543 SF.
Exceptional Anchor Draw – both Properties are anchored by the only Price Chopper & TJ Maxx locations in their respective markets and draw from a wide radius of shoppers as these locations represent the only shopping centers of their magnitude within 20+ and 50+ miles in any direction.
Long-Term Anchor Leases – Price Chopper at Johnstown is leased through 2031 and 2030 at Harte Haven, reflecting the most recent round of long-term renewal commitments. Price Chopper has been a tenant of nearly 47 years at Johnstown (1972) and nearly 25 years Harte Haven (1995) and has enjoyed a rich history of success at each location, complemented by numerous significant expansions, renovations, and long-term renewals over the course of its tenancy, thus far. Price Chopper elected to complete 10+ year renewals at both locations vs. exercising its fixed 5-year options, demonstrating undoubted confidence in the stores.
Leading Northeastern Grocer, Experienced Operator– founded in 1932 and headquartered just south of the properties in Schenectady, New York, Price Chopper is one of the northeast’s leading grocers operating 137 supermarkets across 6 states, including New York, Connecticut, Pennsylvania, Vermont, Massachusetts, and New Hampshire. All of Price Chopper’s supermarkets are served from the same warehouse distribution center in Rotterdam, New York which is 30 miles from Johnstown. Corporately guaranteed leases by Golub Corporation.
Entertainment Component – both Properties also include a movie theatre entertainment component, further enhancing the synergistic and complimentary tenant mix. The movie theatre at Harte Haven just completed another 5-year renewal, providing an 18% rent increase through 2025,and adding another 5-year renewal option through 2030.