Northpath Acquires 2 Retail Assets in New York

BJ’s Plaza. Image courtesy of Cushman & Wakefield

Northpath Investments has acquired BJ’s Plaza and Milestrip Center, two retail centers totaling 416,544 square feet in Hamburg and Buffalo, in Upstate New York. Cushman & Wakefield and Pyramid Brokerage Co. brokered the deal on behalf of the seller, a joint venture between DRA Advisors and DLC Management Corp. The previous ownership picked up the assets in 2016 for a total of $45.5 million, according to CommercialEdge.

BJ’s Wholesale Club serves as the main anchor tenant for the 176,045-square-foot BJ’s Plaza, which also boasts full occupancy, with 10 other tenants. The 240,499-square-foot Milestrip Center is anchored by Home Depot and was 94 percent occupied at the time of the deal, including 20 tenants.

Milestrip Center. Image courtesy of Cushman & Wakefield

Located at 4405 and 4408 Milestrip Road, respectively, the shopping centers are at the intersection of Milestrip Road and McKinley Parkways, offering connectivity to Interstate 90.

Cushman & Wakefield Executive Vice Chairs Gary Gabriel and David Bernhaut, Vice Chair Brian Whitmer, Executive Director Frank DiTommaso and Associate Director Max Helfman, along with Pyramid Brokerage Co. Associate Real Estate Broker Ben Borruso, represented the seller in the transaction.