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Property Type: Retail
Investment Type: Net Lease
Number of Tenants: 6
Cap Rate: 8.00%
Year Built: 1985/2001
Lot Size (acres); 4.2
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the Niagara & Ontario Plaza located at the intersection of Niagara and Ontario streets in Buffalo, New York (the “Property”). The Property is set on three parcels totaling 4.2 acres and consists of two retail plazas and an outparcel pad ground-leased to Tim Horton’s. The Property is currently 77% occupied by several long-term tenants and offers the investor the opportunity to improve occupancy and capture the benefits of a location that has been reinvigorated by considerable infrastructure improvements along Niagara Street. The Property is located adjacent to the Niagara River and Interstate-190 (known locally as “The One-Ninety”), in the Black Rock-Riverside neighborhood just north of Downtown Buffalo. Black Rock-Riverside is a densely populated, blue collar, a neighborhood with over 106,000 people living within a 3-mile radius. The site also benefits from its direct access to and from Exit 14 on Interstate-190, a heavily traveled interstate highway connecting Buffalo with Niagara Falls and the Canadian border to the north and I-90 to the south.
In addition to excellent access to and from the Interstate-190, the property sits adjacent to the new Black Rock-Riverside Transit Hub which features a heated indoor bus shelter, electronic message boards, bus turnaround lanes, and commuter parking. The new Black Rock-Riverside Transit Hub was completed in 2016 and is part of a joint NFTA-City of Buffalo Niagara Street Improvement Project.
ASSET: The Neighborhood Shopping Center is Set on 4.2 Acres and Consists of 2 Retail Plazas and 1 Pad Site Ground-Leased to Tim Horton’s.
LONG TERM TENANTS: The Current Tenants are all Well-Established at the Property with an Average Occupancy of Over 15-Years Lead by Family Dollar (17 years), Advance Auto Parts (32 Years) and Tim Horton’s (16 Years). Advance Auto Parts and Tim Hortons have Recently Exercised Renewal Options to Extend their Lease Terms.
URBAN INFILL LOCATION: The Property is Located at the Signaled, Corner Intersection, of Niagara and Ontario Streets in the Densely Populated Buffalo Neighborhood of Black Rock-Riverside.
WELL-POSITIONED ASSET: The Site Offers Excellent Access and Visibility along Niagara Street and Further Benefits from its Location Directly Across from the On/Off Ramps of Exit 14 on the Heavily Traveled Interstate-190.
STRONG TRAFFIC COUNTS: Over 16,400 Vehicles Pass the Site Daily on Niagara Street with an Additional 69,000 Vehicles Passing the Site Daily on Interstate-190.
NIAGARA STREET INFRASTRUCTURE IMPROVEMENTS: Niagara Street is a Key Gateway into Buffalo. A $28.7 Million “Niagara Street Improvement Project” is Currently Ongoing and the Niagara Frontier Transportation Authority (“NFTA”) is Spending $4.5 Million on Bus-Service Improvements along Niagara Street Including the Recently Completed Black Rock-Riverside Transit Hub Immediately Adjacent to the Property.
ESTABLISHED NEIGHBORHOOD RETAIL LOCATION: Additional Prominent Retailers in the Immediate Area of the Property include: McDonald’s, West Marine, Rite Aid, Kwik Fill, and 7-Eleven.
Broker of Record