CBRE COMPLETES SALE OF TOPS PORTFOLIO
NEW YORK — CB Richard Ellis (CBRE) has completed the sale of the Tops Portfolio, a collection of six retail properties located in Upstate New York. The buyer was an entity controlled by Cofinance Inc., and the seller was a collection of entities controlled by Prudential Real Estate Investors and Developers Diversified Realty.
The portfolio contains a total of 703,201 square feet of retail space in six neighborhood retail centers. Tops Markets is the anchor at each one. Five of the properties go by the name of Tops Plaza and are located in Tonawanda, Arcade, Hamlin, Avon and Elmira. The sixth property goes by the name Youngman Plaza and is located in Tonawanda.
The brokerage team for the deal includes Jeffrey Dunne and Steven Bardsley with CBRE's New York Institutional Group, and Robert Mahoney and Christian Williams with the firm's Chicago office. The team represented the seller.
Tops Markets currently operates approximately 140 locations in western and central New York. It was purchased by Morgan Stanley in December 2007.
— Coleman Wood