NEW YORK—A Canadian-based equity fund has paid $10.8 million for the acquisition of Johnson City Town Center, an 83,866-sq.-ft. retail property located in Johnson City, N.Y. Marcus & Millichap Real Estate Investment Services’ Steven Stoehrer, senior associate, and Preet Sabharwal, associate, both of Marcus & Millichap’s’ New York City office, represented the seller in the transaction, a New York-based development fund.
“Johnson City Town Center is a stable asset with long-term leases backed by a 100 percent national tenancy,” said Stoehrer. “The new owner has a value-add opportunity in the form of a 9,120-sq.-ft. approved pad site that was included in the sale.”
Anchored by a 34,627-sq.-ft. Christmas Tree Shops, Johnson City Town Center is located along 420 Harry L Drive and is in close proximity to the Oakdale Mall. Other tenants include Petco, Party City, Five Below and Lumber Liquidators.
